# EDGAR Filing Document

**Accession Number:** 0001336917
**File Stem:** 0001336917-26-000073
**Filing Date:** 2026-5
**Character Count:** 652179
**Document Hash:** 5ba6e970bfc04e31e31cf73d191634e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001336917-26-000073.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001336917-26-000073

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 133

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Under Armour, Inc.
- **CENTRAL INDEX KEY:** 0001336917
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 521990078
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33202
- **FILM NUMBER:** 26996135

**BUSINESS ADDRESS:**
- **STREET 1:** 101 PERFORMANCE DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21230
- **BUSINESS PHONE:** 410-454-6758

**MAIL ADDRESS:**
- **STREET 1:** 101 PERFORMANCE DRIVE
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21230

?xml version='1.0' encoding='ASCII'? ua-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**______________________________________**

**Form 10-K**

**______________________________________**

(Mark One)

---

| | |
|:---|:---|
| ☑ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**  |

---

**For the fiscal year ended March 31, 2026**

**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**

**______________________________________**

![ualogo013117a01.jpg](ua-20260331_g1.jpg)

**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>**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) |

---

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

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑&nbsp;&nbsp;&nbsp;&nbsp;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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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

As of September 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the registrant's Class A Common Stock and Class C Common Stock held by non-affiliates was $939,836,713 and $845,481,147, respectively.

As of May 15, 2026 there were 188,839,506 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 203,035,386 shares of Class C Common Stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of Under Armour, Inc.'s Proxy Statement for the Annual Meeting of Stockholders to be held on August 26, 2026 are incorporated by reference in Part III of this Annual Report on Form 10-K.

------

**UNDER ARMOUR, INC.**

**ANNUAL REPORT ON FORM 10-K**

**TABLE OF CONTENTS**<br>

---

| | | |
|:---|:---|:---|
| **[PART I](#i7b155a09c76d44b1b922c6cfc27f7534_10)** | **[PART I](#i7b155a09c76d44b1b922c6cfc27f7534_10)** | **[PART I](#i7b155a09c76d44b1b922c6cfc27f7534_10)** |
|  | [Forward](#i7b155a09c76d44b1b922c6cfc27f7534_154)[-](#i7b155a09c76d44b1b922c6cfc27f7534_154)[Looking Statements](#i7b155a09c76d44b1b922c6cfc27f7534_154) | [1](#i7b155a09c76d44b1b922c6cfc27f7534_154) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1.](#i7b155a09c76d44b1b922c6cfc27f7534_157) | [Business](#i7b155a09c76d44b1b922c6cfc27f7534_157) | [2](#i7b155a09c76d44b1b922c6cfc27f7534_157) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[General](#i7b155a09c76d44b1b922c6cfc27f7534_160) | [2](#i7b155a09c76d44b1b922c6cfc27f7534_160) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Products](#i7b155a09c76d44b1b922c6cfc27f7534_163) | [3](#i7b155a09c76d44b1b922c6cfc27f7534_163) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Marketing and Promotion](#i7b155a09c76d44b1b922c6cfc27f7534_166) | [3](#i7b155a09c76d44b1b922c6cfc27f7534_166) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Sales and Distribution](#i7b155a09c76d44b1b922c6cfc27f7534_169) | [4](#i7b155a09c76d44b1b922c6cfc27f7534_169) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Product Design and Development](#i7b155a09c76d44b1b922c6cfc27f7534_172) | [5](#i7b155a09c76d44b1b922c6cfc27f7534_172) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Sourcing, Manufacturing and Quality Assurance](#i7b155a09c76d44b1b922c6cfc27f7534_175) | [5](#i7b155a09c76d44b1b922c6cfc27f7534_175) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Inventory Management](#i7b155a09c76d44b1b922c6cfc27f7534_178)  | [6](#i7b155a09c76d44b1b922c6cfc27f7534_178) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Intellectual Property](#i7b155a09c76d44b1b922c6cfc27f7534_181)  | [6](#i7b155a09c76d44b1b922c6cfc27f7534_181) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Competition](#i7b155a09c76d44b1b922c6cfc27f7534_184) | [7](#i7b155a09c76d44b1b922c6cfc27f7534_184) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Sustainability](#i7b155a09c76d44b1b922c6cfc27f7534_187) | [7](#i7b155a09c76d44b1b922c6cfc27f7534_187) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Human Capital Management](#i7b155a09c76d44b1b922c6cfc27f7534_190) | [7](#i7b155a09c76d44b1b922c6cfc27f7534_190) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Information About Our Executive Officers](#i7b155a09c76d44b1b922c6cfc27f7534_193) | [9](#i7b155a09c76d44b1b922c6cfc27f7534_193) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;[Available Information](#i7b155a09c76d44b1b922c6cfc27f7534_196) | [10](#i7b155a09c76d44b1b922c6cfc27f7534_196) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1A.](#i7b155a09c76d44b1b922c6cfc27f7534_199) | [Risk Factors](#i7b155a09c76d44b1b922c6cfc27f7534_199) | [10](#i7b155a09c76d44b1b922c6cfc27f7534_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1B.](#i7b155a09c76d44b1b922c6cfc27f7534_217) | [Unresolved Staff Comments](#i7b155a09c76d44b1b922c6cfc27f7534_217) | [24](#i7b155a09c76d44b1b922c6cfc27f7534_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 1C.](#i7b155a09c76d44b1b922c6cfc27f7534_220) | [Cybersecurity](#i7b155a09c76d44b1b922c6cfc27f7534_220) | [24](#i7b155a09c76d44b1b922c6cfc27f7534_220) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 2.](#i7b155a09c76d44b1b922c6cfc27f7534_223) | [Properties](#i7b155a09c76d44b1b922c6cfc27f7534_223) | [25](#i7b155a09c76d44b1b922c6cfc27f7534_223) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 3.](#i7b155a09c76d44b1b922c6cfc27f7534_130) | [Legal Proceedings](#i7b155a09c76d44b1b922c6cfc27f7534_130) | [26](#i7b155a09c76d44b1b922c6cfc27f7534_130) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 4.](#i7b155a09c76d44b1b922c6cfc27f7534_226) | [Mine Safety Disclosures](#i7b155a09c76d44b1b922c6cfc27f7534_226) | [26](#i7b155a09c76d44b1b922c6cfc27f7534_226) |
| **P[ART II](#i7b155a09c76d44b1b922c6cfc27f7534_127)** | **P[ART II](#i7b155a09c76d44b1b922c6cfc27f7534_127)** | **P[ART II](#i7b155a09c76d44b1b922c6cfc27f7534_127)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 5.](#i7b155a09c76d44b1b922c6cfc27f7534_229) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i7b155a09c76d44b1b922c6cfc27f7534_229) | [27](#i7b155a09c76d44b1b922c6cfc27f7534_229) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 6.](#i7b155a09c76d44b1b922c6cfc27f7534_232) | [Reserved](#i7b155a09c76d44b1b922c6cfc27f7534_232) | [28](#i7b155a09c76d44b1b922c6cfc27f7534_232) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 7.](#i7b155a09c76d44b1b922c6cfc27f7534_88) | [Management's Discussion and Analysis of Financial Condition and Results of Operation](#i7b155a09c76d44b1b922c6cfc27f7534_88)s | [28](#i7b155a09c76d44b1b922c6cfc27f7534_88) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 7A.](#i7b155a09c76d44b1b922c6cfc27f7534_241) | [Quantitative and Qualitative Disclosures About Market Risk](#i7b155a09c76d44b1b922c6cfc27f7534_241) | [44](#i7b155a09c76d44b1b922c6cfc27f7534_241) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 8.](#i7b155a09c76d44b1b922c6cfc27f7534_1509) | [Financial Statements and Supplementary Data](#i7b155a09c76d44b1b922c6cfc27f7534_1509) | [46](#i7b155a09c76d44b1b922c6cfc27f7534_1509) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 9.](#i7b155a09c76d44b1b922c6cfc27f7534_262) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i7b155a09c76d44b1b922c6cfc27f7534_262) | [90](#i7b155a09c76d44b1b922c6cfc27f7534_262) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 9A.](#i7b155a09c76d44b1b922c6cfc27f7534_124) | [Controls and Procedures](#i7b155a09c76d44b1b922c6cfc27f7534_124) | [90](#i7b155a09c76d44b1b922c6cfc27f7534_124) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 9B.](#i7b155a09c76d44b1b922c6cfc27f7534_265) | [Other Information](#i7b155a09c76d44b1b922c6cfc27f7534_265) | [91](#i7b155a09c76d44b1b922c6cfc27f7534_265) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 9C.](#i7b155a09c76d44b1b922c6cfc27f7534_268) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](#i7b155a09c76d44b1b922c6cfc27f7534_268)s | [91](#i7b155a09c76d44b1b922c6cfc27f7534_268) |
| **[PART III](#i7b155a09c76d44b1b922c6cfc27f7534_271)** | **[PART III](#i7b155a09c76d44b1b922c6cfc27f7534_271)** | **[PART III](#i7b155a09c76d44b1b922c6cfc27f7534_271)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 10.](#i7b155a09c76d44b1b922c6cfc27f7534_274) | [Directors, Executive Officers and Corporate Governance](#i7b155a09c76d44b1b922c6cfc27f7534_274) | [92](#i7b155a09c76d44b1b922c6cfc27f7534_274) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 11.](#i7b155a09c76d44b1b922c6cfc27f7534_277) | [Executive Compensation](#i7b155a09c76d44b1b922c6cfc27f7534_277) | [92](#i7b155a09c76d44b1b922c6cfc27f7534_277) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 12.](#i7b155a09c76d44b1b922c6cfc27f7534_280) | [Security Ownership of Certain Beneficial Owners and Management and Related](#i7b155a09c76d44b1b922c6cfc27f7534_280)<br>Stockholder Matters | [92](#i7b155a09c76d44b1b922c6cfc27f7534_280) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 13.](#i7b155a09c76d44b1b922c6cfc27f7534_283) | [Certain Relationships and Related Transactions, and Director Independence](#i7b155a09c76d44b1b922c6cfc27f7534_283) | [92](#i7b155a09c76d44b1b922c6cfc27f7534_283) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 14.](#i7b155a09c76d44b1b922c6cfc27f7534_286) | [Principal Accountant Fees and Services](#i7b155a09c76d44b1b922c6cfc27f7534_286) | [92](#i7b155a09c76d44b1b922c6cfc27f7534_286) |
| **[PART IV](#i7b155a09c76d44b1b922c6cfc27f7534_289)** | **[PART IV](#i7b155a09c76d44b1b922c6cfc27f7534_289)** | **[PART IV](#i7b155a09c76d44b1b922c6cfc27f7534_289)** |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 15.](#i7b155a09c76d44b1b922c6cfc27f7534_292) | [Exhibits and Financial Statement Schedules](#i7b155a09c76d44b1b922c6cfc27f7534_292) | [93](#i7b155a09c76d44b1b922c6cfc27f7534_292) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Item 16.](#i7b155a09c76d44b1b922c6cfc27f7534_295) | [Form 10-K Summary](#i7b155a09c76d44b1b922c6cfc27f7534_295) | [96](#i7b155a09c76d44b1b922c6cfc27f7534_295) |
| **[SIGNATURES](#i7b155a09c76d44b1b922c6cfc27f7534_298)** | **[SIGNATURES](#i7b155a09c76d44b1b922c6cfc27f7534_298)** | [97](#i7b155a09c76d44b1b922c6cfc27f7534_298) |

---

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**PART I.**

**FORWARD-LOOKING STATEMENTS**

Some of the statements contained in this Annual Report on Form 10-K 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, expectations related to tariffs, 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.

The forward-looking statements contained in this Annual Report on Form 10-K 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 "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein. These factors include without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the financial health of our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively develop and launch new, innovative products and engage our consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of key customers, suppliers or manufacturers;

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

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

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

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

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

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to foreign currency exchange rate fluctuations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to data security or privacy breaches; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential exposure to and the financial impact of litigation and other proceedings.

The forward-looking statements contained in this Annual Report on Form 10-K reflect our views and assumptions only as of the date of this Annual Report on Form 10-K. 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.

*Throughout this Annual Report on Form 10-K: (i) the term "Fiscal 2027" means our fiscal year beginning on April 1, 2026 and ending March 31, 2027; (ii) the term "Fiscal 2026" means our fiscal year beginning on April 1, 2025 and ended March 31, 2026; (iii) the term "Fiscal 2025" means our fiscal year beginning on April 1, 2024 and ended March 31, 2025; and (iv) the term "Fiscal 2024" means our fiscal year beginning on April 1, 2023 and ended March 31, 2024. Our Consolidated Financial Statements are presented in U.S. dollars. As used in this report, the terms "we," "our," "us," "Under Armour" and the "Company" refer to Under Armour, Inc. and its subsidiaries unless the context indicates otherwise.*

**ITEM 1. BUSINESS**

**General** 

Our principal business activities are the design, development, marketing and global distribution of branded performance apparel, footwear and accessories for men, women and youth. Our performance products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles.

We generate net revenues from the sale of our products to national, regional, independent and specialty retailers and distributors worldwide. We also generate net revenues through our direct-to-consumer channel, which includes our owned Brand and Factory House stores and e-commerce platforms. We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our global wholesale network.

Our strategic priorities are focused on elevating brand positioning, simplifying and scaling our operating model, accelerating innovation and enhancing global go-to-market execution. Execution of these priorities depends, in part, on our ability to deliver against strategic initiatives across key areas of the business, including North America, our largest market. Our digital strategy is designed to enhance consumer engagement, strengthen brand loyalty and enable omnichannel experiences across multiple digital touchpoints.

We were incorporated as a Maryland corporation in 1996. We have registered trademarks around the globe, including UNDER ARMOUR<sup>®</sup>, HEATGEAR<sup>®</sup>, COLDGEAR<sup>®</sup>, HOVR<sup>®</sup> and the Under Armour UA Logo ![logo.jpg](ua-20260331_g2.jpg)<sup>®</sup>, and continue to expand our intellectual property footprint worldwide. This Annual Report on Form 10-K also contains additional trademarks and trade names of our Company and our subsidiaries. All trademarks and trade names appearing in this Annual Report on Form 10-K are the property of their respective holders.

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**Products**

Our product offerings include apparel, footwear and accessories for men, women and youth, at a range of price points. They are designed to provide consumers with performance benefits that we believe are superior to non-performance-oriented athletic products. While our products are primarily designed for athletic and active use, many can also be used for everyday activities and casual wear.

In Fiscal 2026, sales of apparel, footwear and accessories represented approximately 68%, 22% and 8% of net revenues, respectively, while licensing arrangements represented approximately 2% of net revenues. Refer to Note 10 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for net revenues by product category.

***Apparel***

Our apparel is offered in a variety of styles and fits to enhance comfort and mobility, support active movement, regulate body temperature and improve performance regardless of weather conditions. Our apparel is engineered to replace non-performance fabrics in athletics and fitness applications with innovation and technologies designed and merchandised with various techniques and styles. Our apparel comes in three primary fit types: compression (tight fit), fitted (athletic fit) and loose (relaxed fit). We aim to make athletes better and to innovate our technical apparel products to provide performance benefits, such as creating breathable warmth, helping the body stay cool and dry in hotter-than-normal conditions; harnessing the body's energy to help fight fatigue; adapting to each athlete's unique body shape to improve fit and comfort and prevent slippage; and providing protection against rain while maintaining breathability.

These types of innovations and technologies, embedded in many of our apparel products, include: COLDGEAR<sup>®</sup>, COLDGEAR INFRARED<sup>®</sup>, HEATGEAR<sup>®</sup>, UA Iso-Chill™, UA RUSH™, UA SMARTFORM™ and UA STORM™.

***Footwear***

Footwear includes products for running, training, basketball, cleated sports, recovery and outdoor applications, as well as casual use. Our footwear is built with the mindset of making athletes better through differentiated and industry leading cushioning technologies such as Charged Cushioning<sup>®</sup>, UA Flow™, HOVR<sup>®</sup> and UA Micro G<sup>®</sup>. These cushioning platforms provide athletes with plush underfoot and improved ground feel, enhanced responsiveness and lightweight solutions. We also incorporate advanced materials and innovative consumer-centric constructions to enhance performance.

***Accessories***

Accessories primarily includes athletic performance gloves, bags, headwear and socks. Some of our accessories include the technologies mentioned above and are designed with advanced fabrications to provide the same level of performance as our other products.

***License***

We have agreements with licensees to develop certain Under Armour apparel, footwear, accessories and equipment. To maintain consistent brand quality, performance and compliance standards, our product, marketing, sales and quality assurance teams are involved in all steps of the design and go-to-market process. During Fiscal 2026, our licensees offered collegiate apparel and accessories, baby and youth apparel, team uniforms, socks, underwear, lunch boxes, coolers, water bottles, eyewear and other specific hard goods equipment and protective apparel that feature performance advantages and functionality like our other product offerings.

**Marketing and Promotion**

We currently focus on marketing our products to consumers primarily for use in athletics, fitness and training activities, as well as casual use through sportswear products, emphasizing our ability to support the needs of our athletes throughout all moments of their day. We seek to drive consumer demand by building brand awareness that our products deliver advantages to help athletes perform better.

Our marketing strategy centers on athletes and teams across multiple levels of competition as well as brand ambassadors and influencers. We provide and sell our products to high school, collegiate and professional level athletes and organizations. We execute this strategy through outfitting agreements; professional, club and collegiate sponsorships; individual athlete and influencer partnerships; and by providing and selling our products directly to teams and individual athletes. We also invest at the grassroots level through sponsorship of combines, camps,

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clinics and youth sports programs across a variety of sports. These initiatives expand our presence within the broader athletic community and aim to establish early brand engagement with emerging athletes.

We are the official outfitter of teams in several high-profile collegiate conferences and professional sport organizations, supporting the athletes on and off the field. For example, we are an official supplier of footwear and gloves to the National Football League ("NFL"). We sponsor and sell our products to international sports teams, which helps drive brand awareness in various countries and regions worldwide. Further, we leverage our relationships with athletes, teams, leagues and youth experiences in our global and regional marketing and promotions.

We promote our products through a range of digital, broadcast and print media outlets. As part of our marketing strategy, we utilize social media and other digital platforms to enhance brand awareness, strengthen consumer engagement and support our direct to consumer initiatives. We also incorporate user-generated content, including customer reviews, images, videos, and social media posts, across our digital platforms to provide consumer-driven product validation and to help strengthen the connection between consumers and our brand.

Our retail marketing strategy is focused on increasing floor space dedicated to our products within our major wholesale accounts and elevating the presentation of our products within our Brand and Factory House retail stores. A key component of our strategy to secure prime floor space within our major wholesale accounts is the design of Under Armour point of sale displays and concept shops, which enhance our brand's presentation by creating a shop-in-shop approach using dedicated space—including flooring, lighting, walls, displays and images—exclusively for our products through which we create an exciting environment for the consumer to experience and learn about our brand.

We offer customer loyalty programs in the United States and throughout parts of our Asia-Pacific region, including China, in which customers earn points based on purchases and other promotional activities that can be redeemed for discounts on future purchases or other rewards.

**Sales and Distribution**

We generate the majority of our sales through our wholesale and direct-to-consumer channels. In Fiscal 2026, sales through our wholesale and direct-to-consumer channels represented 57% and 41% of net revenues, respectively.

Our wholesale channel includes national and regional sporting goods chains, independent and specialty retailers, department store chains, mono-branded Under Armour retail stores in certain international markets, institutional athletic departments, leagues and teams. In various countries where we do not have direct sales operations, we sell our products to independent distributors or engage licensees to sell our products.

Our direct-to-consumer channel includes our global network of Brand and Factory House stores and e-commerce platforms. Factory House stores serve an important role in inventory management, as further discussed below, by allowing us to sell a portion of excess, discontinued and out-of-season products, while maintaining the pricing integrity of our brand throughout all our distribution channels. Consumers experience a premium expression of our brand through our Brand House stores while having broader access to our performance products. As of March 31, 2026, we had 443 Brand and Factory House stores, including 198 stores in North America and 245 stores in our international markets.

Our primary business operates in four geographic segments: (i) North America, comprising the United States and Canada, (ii) Europe, the Middle East and Africa ("EMEA"), (iii) Asia-Pacific, and (iv) Latin America. These geographic segments operate predominantly in one industry: developing, marketing and distributing branded performance apparel, footwear and accessories. Refer to Note 17 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for additional information about our net revenues by segment.

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; (iii) certain foreign currency hedge gains and losses; and (iv) operating results related to our MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.

Our North America segment accounted for approximately 58% of our net revenues for Fiscal 2026, while our EMEA, Asia-Pacific and Latin America segments combined represented approximately 43%. Net revenues

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generated from the sales of our products in the United States were $2.6 billion for Fiscal 2026. No single customer accounted for more than 10% of consolidated net revenues for Fiscal 2026.

***North America***

We sell our apparel, footwear and accessories in North America through wholesale and direct-to-consumer channels. In addition, we generate license revenues in North America from our licensees' sales of collegiate apparel and accessories, as well as other licensed products.

We distribute the majority of our products to North American wholesale customers, as well as to our own Brand and Factory House retail stores and e-commerce channels, from distribution facilities that we lease and operate in Maryland and Tennessee. In Canada, we distribute our products through a third-party logistics provider. In some instances, we arrange for products to be shipped directly to customer-designated facilities from the factories that manufacture our products.

***EMEA***

We sell our apparel, footwear and accessories in EMEA primarily through wholesale customers and independent distributors, as well as through e-commerce platforms and Brand and Factory House stores we operate within Europe. Generally, our products are distributed to our retail customers and e-commerce consumers in Europe through third-party logistics providers in the Netherlands and the United Kingdom. In the Middle East and Africa, we sell our apparel, footwear and accessories through independent distributors.

***Asia-Pacific***

We sell our apparel, footwear and accessories products in China, South Korea, Australia, Singapore, Malaysia and Thailand through stores operated by our distribution and wholesale partners, as well as through e-commerce platforms and Brand and Factory House stores that we own and operate. We also sell our products to distributors in New Zealand, Taiwan, India and other countries in Southeast Asia where we do not have direct sales operations. We distribute our products in Asia-Pacific through third-party logistics providers based in Hong Kong, China, South Korea, Australia and Singapore.

We have a license agreement with and a non-controlling interest in a partner in Japan, which produces, markets and sells our branded apparel, footwear and accessories. Our branded products are sold in this market to large sporting goods retailers, independent specialty stores, professional sports teams and licensee-owned retail stores. We also have a license agreement with and a non-controlling interest in a partner in Australia, which sells custom branded teamwear through e-commerce platforms.

***Latin America***

We sell our apparel, footwear and accessories in Mexico through wholesale and direct-to-consumer channels. We distribute our products in Mexico through a third-party logistics provider. In certain countries where we do not have direct sales operations, we distribute our products through independent distributors, sourced primarily through our international distribution hubs in Panama and Hong Kong.

**Product Design and Development**

Our products are developed by internal product development teams and manufactured using technical fabrications produced by third parties. This approach enables us to select and create superior, technically advanced materials, curated to our specifications, while focusing our product development efforts on style, performance and fit.

We seek to deliver superior performance in all products to make athletes better. Our developers proactively identify opportunities to create and improve performance products that meet the evolving needs of our consumers. We design products with consumer-valued technologies, utilizing color, texture and fabrication to enhance consumer perception and understanding of product use and benefits.

Our product teams also collaborate with our marketing and sales teams and with professional, collegiate and young athletes to identify product developments, trends and determine market needs.

**Sourcing, Manufacturing and Quality Assurance**

Many specialty fabrics and other raw materials used in our apparel products are technically advanced products produced by third parties. The fabric and other raw materials used to manufacture our apparel products are sourced by our contracted manufacturers from a limited number of suppliers pre-approved by us. In Fiscal 2026, our top five suppliers provided approximately 43% of the fabric used in our apparel and accessories. These fabric

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suppliers have primary locations in Taiwan, China, Malaysia and Vietnam. The fabrics used by our suppliers and manufacturers are primarily synthetic and involve raw materials, including petroleum-based products. We also use cotton as a blended fabric in some of our apparel products, much of which is sourced in the United States. Additionally, our footwear uses raw materials sourced from a diverse base of third-party suppliers, including chemicals, petroleum-based components and natural materials like cotton and rubber. All of these commodities are subject to price fluctuations and supply shortages.

Substantially all of our products are manufactured by unaffiliated manufacturers. In Fiscal 2026, our apparel and accessories products were manufactured by 40 primary contract manufacturers, operating in 17 countries, with approximately 65% of our apparel and accessories products manufactured in Jordan, Vietnam, Indonesia and Cambodia. Of our 40 primary contract manufacturers, ten produced approximately 69% of our apparel and accessories products. In Fiscal 2026, substantially all of our footwear products were manufactured by seven primary contract manufacturers, operating primarily in Vietnam and Indonesia.

All of our manufacturers across all product divisions are evaluated for quality systems, social compliance and financial strength by our internal teams before being selected and on an ongoing basis. Where appropriate, we strive to qualify multiple manufacturers for particular product types and fabrications. We also seek vendors that can perform multiple manufacturing stages, such as procuring raw materials and providing finished products, which helps us control our cost of goods sold. We enter into various agreements with our contract manufacturers, including non-disclosure and confidentiality agreements. We require that manufacturers adhere to our supplier code of conduct regarding manufacturing quality, working conditions and other social, labor and sustainability-related matters. However, we do not have any long-term agreements requiring us to utilize any particular manufacturer, and no manufacturer is required to produce our products for the long term. We have subsidiaries strategically located near our key partners to support our manufacturing, quality assurance and sourcing efforts.

**Inventory Management**

Inventory management is an important component of our financial condition and operating results. We manage inventory levels based on existing orders, anticipated demand and the rapid delivery requirements of our customers. Our inventory strategy focuses on meeting consumer demand while improving long-term inventory efficiency through implementation of enhanced systems and processes. We also strive to improve inventory performance through disciplined product purchasing, reduced production lead times and enhanced planning and execution of selling excess inventory through our Factory House stores and other liquidation channels.

Our practice, and the general practice in the apparel, footwear and accessory industry, is to offer retail customers the right to return defective or improperly shipped merchandise. Additionally, when introducing new products, which often requires large initial launch shipments, we may begin production prior to receiving orders for those products.

**Intellectual Property**

We own the trademarks used in connection with the marketing, distribution and sale of our products in the United States and in key international markets where our products are currently sold or manufactured. Our major trademarks include the UA Logo ![logo.jpg](ua-20260331_g2.jpg)<sup>®</sup> and UNDER ARMOUR<sup>®</sup>, both of which are registered in the United States, Canada, Mexico, the United Kingdom, the European Union, Japan, China and numerous other countries. We also own trademark registrations for other trademarks including, among others, UA<sup>®</sup>, ARMOUR<sup>®</sup>, HEATGEAR<sup>®</sup>, COLDGEAR<sup>®</sup>, PROTECT THIS HOUSE<sup>®</sup>, I WILL<sup>®</sup>, and many trademarks that incorporate the term ARMOUR such as ARMOUR FLEECE<sup>®</sup> and ARMOUR BRA<sup>®</sup>. We own domain names for our primary trademarks (most notably underarmour.com and ua.com) and hold copyright registrations for several commercials, as well as for certain artwork. We intend to continue to strategically register, both domestically and internationally, trademarks and copyrights we utilize today and those we develop in the future. We will continue to aggressively police our trademarks and pursue those who infringe, both domestically and internationally.

We believe the distinctive trademarks we use in connection with our products are important in building our brand image and distinguishing our products from those of others. These trademarks are among our most valuable assets. In addition to our distinctive trademarks, we also place significant value on our trade dress, which is the overall image and appearance of our products, and we believe our trade dress helps to distinguish our products in the marketplace. We also have copyright protection covering various designs and other original works.

We apply for, own and maintain utility and design patents that protect certain technologies, materials, manufacturing processes, product features and industrial and aesthetic designs. These patents cover various footwear, apparel, accessories, equipment and digital applications. However, we traditionally have had limited

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patent protection on some of the technology, materials and processes used in the manufacture of our products. In addition, patents are important with respect to our innovative products and investments. As we continue to expand and drive innovation in our products, we seek patent protection on products, features and concepts we believe to be strategic and important to our business. We will continue to file patent applications where we deem appropriate to protect our new products, innovations and designs that align with our corporate strategy.

**Competition**

The market for performance apparel, footwear and accessories is highly competitive and includes both new competitors and established companies that continue to expand their production and marketing of performance products. Our direct competitors include, among others, NIKE, adidas, PUMA and lululemon athletica, which are large apparel and footwear brands with strong worldwide brand recognition and in some cases, significantly greater resources than us. Within our international markets, in addition to global brands, we also compete with regional and country-specific brands that may have stronger local brand recognition. Many of the fabrics and technology used in manufacturing our products are not unique to us, and we own a limited number of fabric or process patents. We also compete with other manufacturers, including those specializing in performance apparel, footwear, accessories and private label offerings of certain retailers, including some of our wholesale customers.

In addition, we must compete with others for purchasing decisions and limited floor space at retailers. We believe we have been successful in this area because of the relationships we have developed and the sales performance of our products. However, if retailers experience higher demand for or earn higher margins from our competitors' products or their own private label offerings, they may favor the display and sale of those products.

We believe we compete successfully because of our brand image and recognition, the performance and quality of our products and our selective distribution strategies. We also believe our focus on athletic performance, product style and merchandising helps differentiate us from our competition. We compete for consumer preferences and expect to continue to do so in the future. We may face greater competition on pricing in the future, which may favor larger competitors with lower production costs per unit that can spread the effect of price discounts across a more extensive array of products and a larger base of customers and consumers. The purchasing decisions of consumers for our products often reflect highly subjective preferences influenced by various factors, including advertising, media, product sponsorships, product improvements and changing trends in style and design.

**Sustainability**

Our approach to sustainability is built on responsible business practices. Our sustainability strategy is organized into four pillars—product supply, home field, team and compliance. Our strategy seeks to foster respect for human rights within our company, with our suppliers and their workers and in communities across our entire supply chain. Our sustainability program is designed to address sustainability-related risks and opportunities, and to monitor, prepare for and comply with regulatory requirements, including public disclosures and transparency requirements. In addition, through our product innovation strategy, we challenge ourselves to improve our existing materials or create new materials that not only deliver a better product for athletes, but also responsibly reduce environmental impacts of our products and operations to support a better world.

**Human Capital Management**

Our employees, whom we refer to as teammates, are central to driving our long-term success as an organization and brand. Consistent with our values, we believe that our brand is stronger when our collective team is fully engaged and working together to support our athletes around the world. We also believe that having an engaged and committed workforce enhances our culture and drives our business success, ultimately helping us to deliver the most innovative products that make athletes better. Our human capital management strategy is therefore focused on creating an engaging workplace environment where our teammates can thrive by attracting, developing and retaining talent through a competitive total rewards program, numerous development opportunities and intentional trainings and programming.

As of March 31, 2026, we had approximately 14,100 teammates worldwide, including approximately 10,100 in our Brand and Factory House stores and approximately 900 at our distribution facilities. Approximately 6,200 of our teammates were full-time. Of our approximately 7,900 part-time teammates, approximately 3% were seasonal teammates. Our total number of teammates fluctuates throughout the year, with a significant increase in seasonal teammates during the third quarter of each fiscal year.

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***Culture, Engagement and Talent Development***

We believe maintaining an engaging and ethical culture is key, not just to our values, but also our business success; it is part of our brand. Our Board of Directors has ongoing oversight of our human capital management strategies and programs and regularly reviews our progress and opportunities with respect to engagement and culture. We believe open lines of communication are critical to fostering this environment. This starts with "tone at the top" and we emphasize the importance of our Code of Conduct. We encourage our teammates to "speak-up" when they have concerns, and we provide multiple reporting mechanisms for them to do so. We require trainings on a wide range of topics for all of our corporate teammates and our retail and distribution facility leadership, including training designed to help our teammates make the right call and strengthen our culture. We currently have ten teammate-led Teammate Resource Groups, which amplify business initiatives, provide networking opportunities, support community outreach and promote cultural awareness.

Our values are embodied in our commitment to helping our teammates develop their skills, grow their careers and achieve their goals. We believe our investment in these areas enhances our teammate engagement, improves the efficiency and productivity of our work and ultimately drives better results for our business. We prioritize and invest in a wide range of training and development opportunities for teammates at all levels, including through both online and instructor-led internal and external programs. We also offer resources to support individual development planning, including emphasizing development opportunities as part of teammates' annual goal setting process.

We invest in developing the leadership strength and capabilities of people-leaders at all levels. We leverage assessments, mentoring, executive coaching, and interactive training programs across a variety of leadership topics to improve leadership effectiveness, develop leaders who model and promote an engaged and ethical culture and drive the performance of our team.

***Total Rewards***

Our total rewards strategy is focused on providing market competitive and internally equitable total rewards packages that allow us to attract, engage and retain a talented workforce. In determining our compensation practices, we focus on offering competitive pay that is based on market data with packages that appropriately reflect roles and geographic locations and are transparently communicated. We believe in "pay for performance" and seek to design plans and programs that support a culture of high performance where we reward what is accomplished and how. We are also committed to achieving pay equity within all teammate populations, and in the United States and certain other regions, with the assistance of third-party experts, conduct an annual review of pay equity and market comparison data. When we identify opportunities, we take prompt actions to close any gaps.

Our total rewards programs, which are outlined on the careers page of our corporate website, are aimed at the varying health, financial and home-life needs of our teammates. In the United States, where approximately 62% of our workforce is located, our full-time teammates are eligible for competitive healthcare and other benefits, in addition to market-competitive pay and broad-based bonuses. Outside of the United States, we provide benefit packages tailored to market-specific practices and needs. We believe in promoting alignment between our teammates and stockholders. As such, certain of our teammates are also eligible to participate in our Employee Stock Purchase Plan, and corporate teammates within our "director" level and above positions receive restricted stock unit awards as a key component of their total compensation package.

In addition to competitive time off benefits, our full-time corporate teammates also receive 40 hours of additional paid time off each year for personal volunteer activities performed during working hours. We believe that giving back to the communities where we live and work is central to our culture.

We believe these efforts keep our teammates engaged and motivated to do their best work. However, competition for employees in our industry is intense, and we regularly collect feedback to better understand and improve our teammate experience and identify opportunities to continually strengthen our culture. See "Risk Factors—Business and Operational Risks—*Our future success is substantially dependent on the continued service of our senior management and other key employees, and our continued ability to attract and retain highly talented new team members*" included in Item 1A of this Annual Report on Form 10-K.

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**Information About Our Executive Officers**

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Kevin Plank | 53 | President and Chief Executive Officer |
| Reza Taleghani | 53 | Chief Financial Officer |
| Shawn Curran | 62 | Chief Supply Chain Officer |
| Eric Liedtke | 59 | Chief Marketing Officer and Executive Vice President, Strategy |
| Adam Peake | 57 | President of the Americas |
| Mehri Shadman | 44 | Chief Legal Officer and Corporate Secretary |
| Kara Trent | 46 | Chief Merchandising Officer |

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*Kevin Plank* has served as President and Chief Executive Officer since April 2024. He served as Executive Chair and Brand Chief from January 2020 through March 2024. Prior to that, he served as Chief Executive Officer and Chair of the Board of Directors from 1996, when he founded our Company, to 2019, and President from 1996 to July 2008 and August 2010 to July 2017. Mr. Plank also serves on the Board of Directors of the National Football Foundation and College Hall of Fame, Inc., and is a member of the Board of Trustees of the University of Maryland College Park Foundation.

*Reza Taleghani* has served as Chief Financial Officer since February 2026. Before joining Under Armour, he served as Executive Vice President, Chief Financial Officer and Treasurer of Samsonite Group from November 2018 to February 2026. Prior to joining Samsonite, Mr. Taleghani served as President and Chief Financial Officer of Brightstar Corp., a provider of device lifecycle management solutions, where he was responsible for global financial operations as well as managing the financial services and device protection lines of business from 2015 to 2018. Prior to joining Brightstar Corp., Mr. Taleghani worked at J.P. Morgan, a global investment bank, where he held various leadership roles in investment banking, commercial banking and asset management from 2009 to 2015. Mr. Taleghani also served as President and Chief Executive Officer of Sterling Airlines A/S in 2008.

*Shawn Curran* has served as Chief Supply Chain Officer since October 2023. Before joining Under Armour, he held several leadership roles across the Gap, Inc. portfolio of companies. He most recently served as EVP, Chief Operating Officer of Old Navy from July 2021 to June 2022. Prior to that he served as EVP, Chief Operating Officer of Gap, Inc. from March 2020 to June 2021; EVP, Global Supply Chain and Product/Store Operations from March 2019 to February 2020; and EVP, Global Supply Chain and Product Operations from October 2017 to February 2019.

*Eric Liedtke* has served as Chief Marketing Officer and Executive Vice President, Strategy since February 2026. Prior to that, he served as Brand President from January 2025 to January 2026. Mr. Liedtke joined Under Armour in August 2024 as Executive Vice President, Brand Strategy. Before joining Under Armour, Mr. Liedtke was the Chief Executive Officer and co-founder of UNLESS COLLECTIVE, INC, a zero-plastic regenerative fashion brand acquired by Under Armour in August 2024. Before that, Mr. Liedtke spent 26 years at adidas Group, holding senior positions in footwear marketing and executive roles as VP of Brand Marketing, SVP of Sports Performance Brand Marketing, and Head of Sports Performance, culminating in his roles as Brand President and Executive Board Member from 2014 to 2019.

*Adam Peake* has served as President of the Americas since February 2026. Mr. Peake originally joined Under Armour in 2001 and served in a variety of commercial and executive leadership roles across the brand from sales to global marketing and category management through 2016. In March 2025, he rejoined Under Armour as SVP of Strategy, Go to Market, and Analytics. Following his initial tenure with the brand, from January 2017 until May 2025, Mr. Peake served as an Executive in Residence for Marketing at Loyola University Maryland where he taught marketing strategy. Between 2020 and March 2025, he also founded a consulting firm, 3SD Performance, LLC, providing consulting services to a variety of businesses, including a passion project focused on the rapidly growing sport of pickleball. Mr. Peake has been involved in the sports and sporting goods industry for more than 30 years.

*Mehri Shadman* has served as Chief Legal Officer and Corporate Secretary since October 2022. Ms. Shadman joined Under Armour in 2013 and served as Assistant Corporate Secretary from January 2017 to October 2022. Most recently she held the role of Deputy General Counsel, Corporate and Risk, overseeing the corporate legal, global ethics and compliance, data privacy, and enterprise risk management functions, and served as Vice President within the legal department from March 2019 through October 2022. Prior to that, she served as Senior

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Director, Managing Counsel, Corporate Affairs from January 2017 to February 2019. Before joining Under Armour, Ms. Shadman began her career as an associate at a large international law firm, in its capital markets practice.

*Kara Trent* has served as Chief Merchandising Officer since February 2026. Prior to that, she served as President of the Americas from February 2024 to January 2026 and as SVP, Managing Director, EMEA from November 2021 to January 2024. Ms. Trent joined Under Armour in May 2015, serving in a variety of leadership roles. She served as Sr. Director of EMEA Merchandising and Planning from July 2019 to October 2021; Senior Director of North America Merchandising and Visual Merchandising from April 2018 to July 2019; and Director of Athletic Specialty Merchandising from May 2015 to March 2018. Before joining Under Armour, Ms. Trent served in various leadership roles in Footwear and Apparel Merchandising and Planning at PUMA North America from May 2007 to March 2015. She began her career at Reebok International from 2002 to 2007.

**Available Information**

We will make available free of charge on or through our website at https://about.underarmour.com/ our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") as soon as reasonably practicable after we electronically file these materials with the Securities and Exchange Commission. We also post on this website our key corporate governance documents, including our board committee charters, our corporate governance guidelines and our code of conduct and ethics.

**ITEM 1A. RISK FACTORS**

Our results of operations and financial condition could be adversely affected by numerous risks. You should carefully consider the risk factors detailed below in conjunction with the other information contained in this Annual Report on Form 10-K. Should any of these risks actually materialize, our business, financial condition, results of operations and future prospects could be negatively impacted.

**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.**

Many of our products may be considered discretionary items for consumers. Many factors impact discretionary spending, including general economic conditions, unemployment, the availability of consumer credit, inflationary pressures and consumer confidence in future economic conditions. Global and U.S. economic conditions and trends in consumer discretionary spending continue to be uncertain, particularly in light of the impacts of changes and uncertainties related to government fiscal, monetary, tax, and trade policies, inflation volatility in the U.S. and global markets and recession fears. Consumer purchases of discretionary items tend to decline during recessionary periods when disposable income is lower or during other periods of economic instability, uncertainty or inflation, which may lead to declines in sales and slow our long-term growth expectations. Any near or long-term economic disruptions in markets where we sell our products, particularly in the United States or other key markets, may materially harm our sales, profitability and financial condition and our prospects for growth.

**Our financial results and ability to grow our business may be negatively impacted by global events beyond our control.**

We operate retail, distribution and warehousing facilities and offices around the world and substantially all of our manufacturers are located outside of the United States. We are subject to risks and global events beyond our control that could negatively impact consumer spending, our operations or the operations of our customers and business partners, including: changes in diplomatic and trade relationships or trade policy, including the imposition, expansion or selective enforcement of tariffs, sanctions or import restrictions; inflation; military conflict; political or labor unrest; terrorism; public health crisis, disease epidemics or pandemics; natural disasters and extreme weather conditions, which may increase in frequency and severity due to climate change; economic instability resulting in the disruption of trade from foreign countries; the imposition of new laws, regulations and rules, including those relating to sustainability and climate change, data privacy, artificial intelligence, supply chain diligence requirements, labor conditions, minimum wage, quality and safety standards and disease epidemics or other public health concerns;

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and changes in local economic conditions in countries where our stores, customers, manufacturers and suppliers are located.

These risks could disrupt consumer demand, hamper our ability to sell products, negatively affect the ability of our manufacturers to produce or deliver our products or procure materials and increase our cost of doing business generally, any of which could have an adverse effect on our results of operations, profitability, cash flows and financial condition. For example, geopolitical instability and ongoing conflicts in the Middle East have and may continue to cause volatility in global energy and transportation markets, including higher fuel prices, resulting in increased shipping and logistics costs. In addition, these conflicts have and may continue to adversely affect consumer discretionary spending and demand for our product. In the event that one or more of these factors make it undesirable or impractical for us to conduct business in a particular country, our business could be adversely affected.

There continues to be uncertainty in the global trade environment due to ongoing and potential changes in global trade policy, including the imposition or expansion of tariffs. For example, the U.S. Supreme Court ruling on February 20, 2026 invalidated certain tariffs that had been imposed under the International Emergency Economic Powers Act ("IEEPA"). Immediately following the ruling, new tariffs at different rates under alternative legislative powers were initiated. However, on May 7, 2026, the U.S. Court of International Trade subsequently ruled these new tariffs to be illegal, but left them in effect pending appeal. We expect further litigation and changes related to these tariff rates during Fiscal 2027. These changes have increased and may continue to increase our product costs and negatively impact our gross margins, and volatility in the timing, scope or duration of such measures may make it difficult to forecast costs, manage inventory and mitigate their impact on sourcing or pricing actions. Although we have and may continue to diversify sourcing options, we may not be able to shift production in a timely or cost-effective manner, if at all, from various countries in which we manufacture our products to offset those costs or restrictions. Therefore, we may not be able to mitigate the entire increase to our cost resulting from tariffs and we may not be able to, or may choose not to, pass any cost increase onto consumers. Any increase in our prices could have an adverse impact on our direct sales to consumers, as well as sales by our wholesale customers and our licensees. In addition, the uncertainty in the global trade environment may have adverse impacts on capital markets or consumer discretionary spending, which could lower demand for our products. Any adverse impact on our costs or on consumer demand could have a material adverse effect on our business, financial condition and results of operations.

**We operate in highly competitive markets and the size and resources of some of our competitors may allow them to compete more effectively than we can, resulting in a loss of our market share and a decrease in our net revenues and gross profit.**

The market for performance apparel, footwear and accessories is highly competitive and includes both new competitors and established companies that continue to expand their production and marketing of performance products. Many of our competitors are large apparel and footwear companies with strong worldwide brand recognition. Within our international markets, we also compete with local brands that may have strong brand recognition amongst consumers within particular regions. Due to the fragmented nature of the industry, we also compete with other manufacturers, including those specializing in products similar to ours and private label offerings of certain retailers, including some of our wholesale customers. Moreover, increased speed-to-market expectations, shorter trend cycles and rapid shifts between performance and lifestyle preferences may increase the frequency and intensity of competitive product introductions and promotional activity. Failure to acknowledge or react appropriately to the entry or growth of a viable competitor or disruptive force could affect our ability to differentiate and grow our brand.

Many of our competitors have significant competitive advantages, including greater financial, distribution, marketing, digital and other resources; longer operating histories; better brand recognition among consumers; more experience in global markets; greater ability to invest in technology and adapt to changes, including the use of data analytics, generative artificial intelligence, machine learning and the digital consumer experience; greater ability to source sustainable and traceable raw materials at cost-effective prices and invest in innovations around sustainability; greater flexibility and speed in their go-to-market processes; and greater economies of scale. In addition, some of our competitors have long-term relationships with our key retail customers that are potentially more important to those customers because of the significantly larger volume and product mix that our competitors sell to them. As a result, these competitors may be better equipped than we are to influence consumer preferences or otherwise increase their market share by quickly adapting to changes in customer requirements or consumer preferences, discounting excess inventory that has been written down or written off, devoting resources to the marketing and sale of their products, including significant advertising, media placement, partnerships and product

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endorsement, adopting aggressive pricing policies and engaging in lengthy and costly intellectual property and other disputes.

In addition, while one of our growth strategies has been to increase floor space for our products in retail stores and in certain markets expand our distribution to other retailers, retailers have limited resources, floor space, and, in some cases, their own private label products, and we must compete with others to develop relationships with them. Increased competition could result in reductions in floor space in retail locations or reductions in sales or reductions in the prices of our products, and if retailers have better sell through or earn greater margins from our competitors' products or from their own private label products, they may favor the display and sale of those products. Our inability to compete successfully against our competitors and maintain our gross margin could have a negative effect on our brand image and a material adverse effect on our business, financial condition and results of operations.

**Our profitability may decline or our growth may be negatively impacted as a result of increasing pressure on pricing.**

Our industry is subject to significant pricing pressure caused by many factors, including intense competition, consolidation in the retail industry, pressure from retailers to reduce the costs of products, the amount of excess inventory in the marketplace (including at competitors and key wholesale partners) and changes in consumer demand. These factors may cause us to reduce our prices to retailers and consumers or engage in more promotional activity than we anticipate, which could negatively impact our margins and cause our profitability to decline if we are unable to offset price reductions with comparable reductions in our operating costs. Ongoing and sustained promotional activities could negatively impact our brand image and condition consumers to delay purchases absent discounts. On the other hand, if we are unwilling to engage in promotional activity in certain channels or categories on a scale similar to that of our competitors, for instance, to protect our premium brand positioning, and unable to simultaneously offset declining promotional activity with increased sales at premium price points, our ability to achieve short-term growth targets may be negatively impacted, which could have a material adverse effect on our results of operations, financial condition and the price of our stock.

**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.**

The fabrics used by our suppliers and manufacturers are made of raw materials including petroleum-based products and cotton. Significant price fluctuations, including due to inflation, tariffs or trade relations, sanctions, military conflict (such as the conflicts in the Middle East) or other geopolitical or economic conditions or shortages in key inputs can materially adversely affect our cost of goods sold. In addition, certain of our manufacturers are subject to government regulations related to wage rates, and therefore the labor costs to produce our products may fluctuate. The cost of transporting our products for distribution and sale is also subject to fluctuation due in large part to the price of oil. Because most of our products are manufactured abroad, our products must be transported by third parties over large geographical distances and changes in fuel and transportation markets can significantly increase costs. Manufacturing or transportation delays have caused and may continue to cause us to use higher-cost shipping methods to achieve timely delivery to our customers. These factors have significantly increased our freight costs in the past, and may do so again in the future. Any of these fluctuations may increase our cost of products and have an adverse effect on our profit margins, results of operations and financial condition.

**Business and Operational Risks**

**We derive a substantial portion of our sales from large wholesale customers. If the financial condition of our customers declines, our financial condition and results of operations could be adversely impacted.**

In Fiscal 2026, sales through our wholesale channel represented approximately 57% of our net revenues. We extend credit to our wholesale customers based on an assessment of a customer's financial condition, generally without requiring collateral or getting customer insurance against non-collection. We face increased risk of order reduction, cancellation and collectibility issues when dealing with financially ailing customers or customers struggling with economic uncertainty. In addition, during weak economic conditions, such as periods of high inflation, recessionary fears or reduced consumer traffic and purchasing, customers may be more cautious with orders or may slow investments necessary to maintain a high-quality in-store experience for consumers, which may result in lower sales of our products. Furthermore, a slowing economy in our key markets or a decline in consumer purchases of sporting goods generally could have an adverse effect on the financial health of our company.

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From time to time, certain of our customers have experienced financial difficulties and we have been unable to collect all or a portion of the amounts owed to us. To the extent one or more of our customers experience significant financial difficulty, bankruptcy, insolvency or cease operations, this could have a material adverse effect on our sales, our ability to collect on receivables and our financial condition and results of operations.

**We may not successfully execute our long-term strategies, which may negatively impact our results of operations.**

Our ability to realize our long-term growth objectives depends, in part, on our ability to successfully execute strategic initiatives in key areas including our North America region and our wholesale and direct-to-consumer businesses. With respect to our direct-to-consumer business, our growth depends on our ability to continue to successfully attract and retain consumers through our digital offerings and experiences and in our Brand and Factory House stores throughout the world. In addition, if we are unable to operate our Brand and Factory House stores profitably, our financial results could be impacted, or we could be required to recognize impairment charges. Our long-term strategy also depends on our ability to successfully drive expansion of our gross margins, manage and leverage our cost structure and drive return on our investments. If we cannot effectively execute our long-term growth strategies while managing costs effectively, our business could be negatively impacted and we may not achieve our expected results of operations.

**If we are unable to anticipate consumer preferences, successfully develop and introduce new, innovative products, and engage our consumers, or if consumer preferences shift away from performance products, our sales, net revenues and profitability may be negatively impacted.**

Our success depends on our ability to identify and originate product trends and anticipate and react to changing consumer demands in a timely manner. All of our products are subject to changing consumer preferences that shift rapidly and cannot be predicted with certainty. Our ability to adequately react to and address consumer preferences depends in part upon our continued ability to develop and introduce innovative, high-quality products and to optimize available consumer data, as well as the success of our marketing strategies. In addition, long lead times for certain of our products may make it hard for us to respond quickly to changes in consumer demands. Accordingly, our new products may not receive consumer acceptance. From time to time, we may also introduce limited run or specialized products that may increase our sales in the near term, but that may fail to maintain sustained consumer demand. If consumers are not convinced performance apparel, footwear and accessories are a better choice than, and worth the additional cost over, traditional alternatives, sales of performance products may not grow or may decline. We also must successfully design and market our performance products for use by consumers in casual occasions. If we are unable to effectively anticipate and respond to consumer preferences as a result of any of these factors, our brand image could be negatively impacted, and our sales, net revenues, profitability and long-term growth plans may be negatively impacted.

**Consumer shopping and engagement preferences and shifts in distribution channels continue to evolve and if we fail to adapt accordingly our results of operations or future growth could be negatively impacted.**

Consumer preferences regarding the shopping experience and how to engage with brands continue to rapidly evolve. We sell our products through a variety of channels, including through wholesale customers and distribution partners, as well as our own direct-to-consumer business consisting of our Brand and Factory House stores and e-commerce platforms. If we or our wholesale customers do not provide consumers with an attractive in-store experience, our brand image and results of operations could be negatively impacted. In addition, as part of our growth strategy, we continue to invest in enhancing our digital shopping capabilities and experiences, as well as our consumer loyalty programs, to drive engagement and attract consumers. If we do not successfully execute this strategy, achieve an acceptable return on these investments and adapt to the use of artificial intelligence-enabled shopping tools, our brand image, results of operations and opportunities for future growth could be negatively impacted.

**A decline in sales to, or the loss of, one or more of our key customers could result in a material loss of net revenues and negatively impact our prospects for growth.**

We generate a significant portion of our wholesale revenues from sales to our largest customers. We currently do not enter into long-term sales contracts with our key customers, relying instead on our relationships with these customers and on our position in the marketplace. As a result, we face the risk that these key customers may not increase their business with us as we expect, or may significantly decrease their business with us or

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terminate their relationship with us. The failure to increase or maintain our sales to these customers as much as we anticipate has had and may continue to have a negative impact on our growth prospects and any decrease or loss of these key customers' business could result in a material decrease in our net revenues and net income or loss. In addition, our customers continue to experience ongoing industry consolidation, particularly in the sports specialty sector. As this consolidation continues, it increases the risk that if any one customer significantly reduces their purchases of our products, we may be unable to find sufficient alternative customers to continue to grow our net revenues, or our net revenues may decline materially. In addition, from time to time, we have and may continue to exit or scale down relationships with certain wholesale customers to further drive our premium brand position or for other reasons. This may negatively impact our net revenues if we are unable to replace those sales with additional sales to our other customers or direct sales to consumers.

**The value of our brand and sales of our products could be diminished if we are associated with negative publicity.**

Our business could be adversely impacted if negative publicity regarding our brand, our company, our teammates or our business partners diminishes the appeal of our brand to consumers. For example, while we require our suppliers, manufacturers and licensees of our products to operate their businesses in compliance with applicable laws and regulations, as well as the social and other standards and policies we impose on them, including our supplier code of conduct, we do not control the conduct of these third parties. A violation, or alleged violation of our policies, labor laws or other laws could interrupt or otherwise disrupt our sourcing or damage our brand image. Negative publicity regarding production methods, alleged practices or workplace or related conditions of any of our suppliers, manufacturers or licensees could adversely affect our reputation and sales and force us to locate alternative suppliers, manufacturers or licensees. The risk that our business partners may not act in accordance with our expectations may be exacerbated in markets where our direct sales, supply chain or logistics operations are not as widespread. In addition, we have sponsorship contracts with a variety of athletes, teams and leagues and also enter into collaborative arrangements with athletes, designers or other partners. Negative publicity regarding these partners could have an adverse impact our brand image and result in diminished loyalty to our brand, regardless of whether such claims are accurate. In addition, there is increased focus and rapidly evolving expectations from stakeholders, including consumers, employees, investors, activists, advocacy groups and regulators, regarding corporate environmental and social issues, such as corporate statements, initiatives or practices related to climate change and a variety of social issues. Negative publicity regarding our initiatives or practices related to these issues could negatively impact our brand and result in diminished loyalty to our brand. Furthermore, social media can potentially accelerate and increase the scope of negative publicity. This could diminish the value of our proprietary rights or harm our reputation or have a negative effect on our sales and results of operations.

**We must successfully manage the increasingly complex operations of our global business, including continued expansion in certain markets where we have limited brand recognition, or our business and results of operations may be negatively impacted.**

Part of our growth strategy depends on our continued expansion outside of North America, and we have limited brand recognition and operating experience in certain regions. We must continue to successfully manage the operational difficulties associated with expanding our business to meet increased consumer demand throughout the world. Addressing regulatory requirements and market practices in certain regions outside of North America is challenging, and we may face difficulties expanding into and successfully operating in those markets, including differences in regulatory environments, labor and market practices, and difficulties in keeping abreast of market, business and technical developments and consumer preferences. We must also continually evaluate the need to expand critical functions in our business, including sales and marketing, product development, distribution and corporate services functions, our management information systems and other processes and technology. We may not manage these efforts cost-effectively or these efforts could increase the strain on our existing resources. If we experience difficulties in supporting the growth of our business, we could experience an erosion of our brand image or operational challenges leading to a decrease in net revenues and results from operations.

**Our results of operations could be materially harmed if we are unable to accurately forecast demand for our products.**

To ensure adequate inventory supply, we must forecast inventory needs and place orders with our manufacturers based on estimated future demand for particular products, and before firm orders are placed by our

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wholesale customers. In addition, a portion of our net revenues may be generated by at-once orders for immediate delivery to wholesale customers. If we fail to accurately forecast customer demand, we may experience excess inventory levels or a shortage of product to deliver to our wholesale customers or for our direct-to-consumer channel. Excess inventory may result in inventory write-downs or write-offs or sales at discounted prices or in less preferred distribution channels, negatively impacting gross margin. On the other hand, if we underestimate the demand for our products, our manufacturers may not be able to produce products to meet our customer requirements, resulting in delays in the shipment of our products and our ability to recognize revenue, lost sales, as well as damage to our reputation and wholesale and consumer relationships.

Factors that could affect our ability to accurately forecast demand for our products include: changing consumer demand for our products; product introductions by competitors; unanticipated changes in general market or economic conditions impacting consumer discretionary spending, which may result in cancellations of advance orders or a reduction or increase in the rate of reorders or at-once orders placed by retailers; the impact on consumer demand due to unseasonable weather conditions, which may become more frequent or severe as a result of climate change; our ability to utilize effectively information technology systems and data analytics; and terrorism or acts of war, or the threat thereof, political or labor instability or unrest or public health concerns and disease epidemics.

The difficulty in forecasting demand also makes it difficult to estimate our future results of operations and financial condition from period to period. A failure to accurately predict the level of demand for our products could adversely impact our profitability or cause us not to achieve our expected financial results.

**We rely on third-party suppliers and manufacturers to provide raw materials for and to produce our products, and we have limited control over these suppliers and manufacturers and may not be able to obtain quality products on a timely basis or in sufficient quantity.**

Many of the materials used in our products are technically advanced products developed by third parties and may be available, in the short-term, from a very limited number of sources. Substantially all of our products are manufactured by unaffiliated manufacturers, and, in Fiscal 2026, ten manufacturers produced approximately 69% of our apparel and accessories products, and seven produced substantially all of our footwear products. We have no long-term contracts with our suppliers or manufacturing sources, and we compete with other companies for fabrics, raw materials and production capacity.

A number of factors may require us to seek alternative or additional suppliers, which we may not be able to do in a timely or cost-effective manner. We may experience a significant disruption in the supply of fabrics or raw materials from current sources or, in the event of a disruption, we may be unable to locate alternative suppliers of materials of comparable quality at an acceptable price, or at all. Moreover, our suppliers may not be able to fill our orders in a timely manner depending on market conditions or increased demand for product.

We have historically provided supply chain finance support to certain of our supply chain partners. The financial markets supporting supply chain finance programs have in the past, and may again in the future, experience disruption that results in a temporary disruption to our program and challenges the cash flow and liquidity of our partners. Additionally, if one or more of our suppliers were to experience significant financial difficulty, bankruptcy, insolvency or cease operations, or fail to comply with applicable labor or other laws, we may be required to seek alternative suppliers.

In addition, if we lose or need to replace an existing manufacturer or supplier as a result of adverse economic conditions or other reasons, additional supplies of fabrics or raw materials or additional manufacturing capacity may not be available when required on terms that are acceptable to us, or at all, or suppliers or manufacturers may not be able to allocate sufficient capacity to us in order to meet our requirements. Even if we are able to expand existing or find new manufacturing or fabric sources, we may encounter delays in production and added costs as a result of the time it takes to train our suppliers and manufacturers on our methods, products and quality control standards. Any delays, interruption or increased costs in the supply of fabric or manufacture of our products could have an adverse effect on our ability to meet retail customer and consumer demand for our products and result in lower net revenues and lower results of operations both in the short and long term.

We have occasionally received, and may in the future continue to receive, shipments of product that fail to conform to our quality control standards. If we are unable to obtain replacement products in a timely manner, we risk the loss of net revenues resulting from the inability to sell those products and related increased administrative and shipping costs. In addition, because we do not control our manufacturers, products that fail to meet our standards or

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other unauthorized products could end up in the marketplace without our knowledge, which could harm our brand and our reputation in the marketplace.

**Labor or other disruptions at ports or our suppliers or manufacturers may adversely affect our business.**

Our business depends on our ability to source and distribute products in a timely and cost effective manner. As a result, we rely on the free flow of goods through open and operational ports worldwide and on a consistent basis from our suppliers and manufacturers. Labor disputes and disruptions at various ports or at our suppliers or manufacturers could create significant risks for our business, particularly if these disputes result in work slowdowns, decreased operations, lockouts, strikes or other disruptions during our peak importing or manufacturing seasons. Significant delays or disruption in receiving and distributing our products, has had, and may again have, an adverse effect on our business, including canceled orders by customers, unanticipated inventory accumulation or shortages, increased expense (including air freight) to deliver our products and reduced net revenues and results of operations.

**If we fail to successfully manage or realize expected results from significant transactions or investments, or if we are required to recognize an impairment of our goodwill or other intangible assets, it may have an adverse effect on our results of operations and financial position.**

From time to time, we may engage in acquisition opportunities we believe are complementary to our business and brand. Integrating acquired businesses can require significant efforts and resources, which could divert management attention from more profitable business operations. From time to time we have also disposed of certain assets where we did not think our activities aligned to our operating model. If we fail to successfully integrate acquired businesses or effectively manage dispositions, we may not realize the financial benefits or other synergies we anticipated. In addition, in connection with our acquisitions, we may record goodwill or other intangible assets. We have recognized goodwill impairment charges in the past, and additional goodwill impairment charges could have an adverse effect on our results of operations and financial position.

Additionally, from time to time, we may invest in business infrastructure, new businesses and expansion of existing businesses, such as optimization of our Brand and Factory House stores, implementing our global operating and financial reporting information technology system, supporting our digital strategy (including our e-commerce platform and loyalty programs), upgrading our end to end planning technology system, investing in a global shared services and technology center or supporting our corporate infrastructure (including the development of our new global headquarters located in the Baltimore Peninsula area of Baltimore). These investments require substantial cash investments and management attention, and infrastructure investments may also divert funds from other potential business opportunities. We believe cost effective investments are essential to business growth and profitability. The failure of any significant investment to provide the returns or synergies we expect could adversely affect our financial results.

**Climate change and an increased regulatory and stakeholder focus on sustainability and social matters may have an adverse effect on our brand, sales of our products and our results of operations.**

There are concerns that increased levels of greenhouse gases in the atmosphere have caused, and may continue to cause, increases in global temperatures, changes in weather patterns and an increase in the frequency and severity of natural disasters and extreme weather events. Climate change has the potential to impact our business in numerous ways. These concerns may impact consumer preferences and, if we fail to adapt accordingly, consumer demand for our product. The physical impacts of climate change, such as an increase in the frequency and severity of storms and flooding, may increase volatility in the supply chain, which could affect the availability, quality and cost of raw materials or goods, and disrupt the production and distribution of our products. In addition, governmental authorities in various countries have enacted or proposed, and are likely to continue to propose and enact, legislation and regulation regarding sustainability and social matters, including concerning the transition to a lower carbon economy. Such legislation and regulation may require, prohibit, incentivize or disincentivize particular business activities or practices and/or require public reporting. Any of the foregoing transition risks may require us to make additional investments, increase our costs, affect the demand for our products and increase litigation and enforcement risks. Furthermore, failure to monitor, adapt, build resilience, maintain reliable data and controls supporting our sustainability disclosures and develop solutions against the physical and transitional impacts from climate change may negatively impact our brand and reputation, sales of our products and our results of operations.

Certain customers, consumers, investors and other stakeholders are increasingly focusing on the sustainability and human rights practices of companies. If our practices do not meet the expectations of various stakeholders, which can vary greatly and continue to evolve, our brand and reputation could be negatively

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impacted. We will publish legally required climate and other sustainability disclosures, and have published, and may continue to publish, voluntary sustainability disclosures describing our strategy and practices on a variety of sustainability and human rights matters, including relating to our strategy and actions to address climate change, social and labor policies and practices, human capital management matters and the materials and manufacturing of our products. It is possible that stakeholders may not be satisfied with such disclosures, strategy or practices or the speed or success of their adoption. We may also face increased scrutiny, enforcement or private claims alleging that sustainability statements are misleading or not adequately substantiated. Due to additional costs or resources required, market and technological factors, emerging regulatory requirements and/or other factors, we have in the past and may again in the future be required to change some or all of our sustainability strategy, targets, commitments and/or investment decisions. Any failure, or perceived failure, to meet our targets, commitments or stakeholder expectations could harm our brand image and reputation, negatively impact our employee retention, the willingness of our suppliers to do business with us or investor interest in our securities, or have a negative effect on our sales and results of operations.

**The costs and return on our investments for our sports marketing sponsorships may become more challenging and this could impact the value of our brand image.**

A key element of our marketing strategy has been to create a link in the consumer market between our products and professional, collegiate and young athletes. We have developed licensing and sponsorship agreements with a variety of sports teams and athletes at the collegiate and professional level to be their official supplier of performance apparel and footwear. We have also developed licensing agreements to be an official supplier of footwear and/or performance apparel to a variety of professional sports leagues and clubs. However, as competition in the performance apparel and footwear industry has increased, the costs associated with athlete sponsorships and official supplier licensing agreements, including the costs of obtaining and retaining these sponsorships and agreements, have varied and at times increased greatly. If we are unable to maintain our current association with athletes, teams and leagues, or to do so at a reasonable cost, we could lose the on-field authenticity associated with our products, and we may be required to modify and substantially increase our marketing investments.

**If we encounter problems with our distribution system, our ability to deliver our products to the market could be adversely affected.**

We rely on a limited number of distribution facilities for our product distribution. Our distribution facilities utilize computer controlled and automated equipment, which means the operations are complicated and may be subject to a number of risks related to security or computer viruses or malware, the proper operation of software and hardware, power interruptions or other system failures. In addition, because many of our products are distributed from a limited number of locations, our operations could also be interrupted by severe weather conditions, floods, fires or other natural disasters in these locations, as well as labor or other operational difficulties or interruptions, including public health crises or disease epidemics. We maintain business interruption insurance, but it may not adequately protect us from the adverse effects that could be caused by significant disruptions in our distribution facilities or from all types of events causing such disruptions. Significant disruptions could lead to loss of customers or an erosion of our brand image. In addition, our distribution capacity is dependent on the timely performance of services by third parties. This includes the shipping of product to and from our distribution facilities, as well as partnering with third-party distribution facilities in certain regions where we do not maintain our own facilities. From time to time, certain of our partners have experienced and may continue to experience disruptions to their operations, including cyber-related disruptions and disruptions related to public health crises. If we or our partners encounter such problems, our results of operations, as well as our ability to meet customer expectations, manage inventory, complete sales and achieve objectives for operating efficiencies could be materially adversely affected.

**We rely significantly on information technology and any failure, inadequacy or interruption of that technology could harm our ability to effectively operate our business.**

We rely on our own and our vendors' information technology throughout our business operations, including to design, forecast and order product, manage and maintain our inventory and internal reports, manage sales and distribution, operate our e-commerce website and mobile applications, process transactions, manage retail operations and other key business activities. We also communicate electronically throughout the world with our employees and with third parties, such as customers, suppliers, vendors and consumers. Our operations are

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dependent on the reliable performance of these systems and technologies and their underlying technical infrastructure, which incorporate complex software. Any of these information systems could fail or experience a service interruption for a number of reasons, including computer viruses, ransomware, destructive malware or other unlawful activities, disasters or a failure to properly maintain system redundancy or protect, repair, maintain or upgrade the systems.

In addition, if we are unable to keep up with rapid technological change (including the successful utilization of data analytics, artificial intelligence and machine learning), it could negatively affect our business. On the other hand, as we and our vendors continue to invest in evolving technologies, such as generative artificial intelligence and machine learning, we may be exposed to new or expanded risks and liabilities due to inherent operational complexities and an evolving legal and regulatory landscape. Any ineffectiveness of our controls to manage our use of artificial intelligence and machine learning technologies, or the failure of one or more of our information technology service providers to meet our expectations (including by use of artificial intelligence tools in contravention of agreements with us, inputting our confidential or proprietary information into artificial intelligence tools or the roll-out of new artificial intelligence tools without approval), could result in legal or regulatory violations, including those related to data privacy, and could negatively impact our intellectual property rights, reputation, business and results of operations.

From time to time we have experienced, and may continue to experience, operational disruption due to attacks on our systems and those of our vendors. Although we maintain certain business continuity plans and incident response plans, there can be no assurance that our plans, or those of our vendors, will anticipate all material risks that may arise or will effectively resolve the issues in a timely manner or adequately protect us from the adverse effects that could be caused by significant disruptions in key information technology. The failure of these systems to operate effectively or to integrate with other systems, or a breach in security of these systems could cause delays in product fulfillment and reduced efficiency of our operations, lost sales, the exposure of sensitive business or personal information and damage to the reputation of our brand. Depending on the system and scope of disruption, in some instances a service interruption or shutdown could have a material adverse impact on our operating activities or results of operations. Remediation and repair of any failure, problem or breach of our key systems or known potential vulnerabilities could require significant capital investments, as well as divert resources and management attention from key projects or initiatives. While we have purchased cybersecurity insurance, there can be no assurance that the coverage would be adequate in relation to any incurred losses. Moreover, as cyber attacks increase in frequency and magnitude, we may be unable to obtain cybersecurity insurance in amounts and on terms we view as appropriate for our operations.

We also heavily rely on information systems to process financial and accounting information for financial reporting purposes. If we experience any significant disruption to our financial information systems that we are unable to mitigate, our ability to timely report our financial results could be impacted, which could negatively impact our stock price.

**Our future success is substantially dependent on the continued service of our senior management and other key employees, and our continued ability to attract and retain highly talented new team members.**

Our future success is substantially dependent on the continued service of our senior management, particularly Kevin Plank, our founder, President and Chief Executive Officer, other top executives and key employees who have substantial experience and expertise in our business, including product creation, innovation, sales, marketing, supply chain, informational technology, operational and other support personnel. The loss of the services of our senior management or other key employees could make it more difficult to successfully operate our business and achieve our business goals and could result in harm to key customer relationships, loss of key information, expertise or know-how and unanticipated recruitment and training costs. Changes in our senior management may also disrupt our business. In recent years, we have experienced significant change in our executive management team. The failure to successfully transition and assimilate new members of our senior management or other key employees could adversely affect our results of operations.

In addition, to profitably grow our business and manage our operations, we will need to continue to attract, retain and motivate highly talented management and other employees with a range of skills, backgrounds and experiences. Competition for experienced and well-qualified employees in our industry is intense and we may not be successful in attracting and retaining such personnel. Additionally, changes to our current and future office environments, adoption of new work models and requirements about when or how often employees work on-site or remotely may fail to meet the expectations of our employees and present new challenges. If we are unable to attract, retain and motivate management and other employees with the necessary skills, we may not be able to

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grow or successfully operate our business and achieve our long-term objectives. In addition, we have invested significant time and resources in building, maintaining and evolving our company culture and our values, which we believe to be critical to our future success. Failure to maintain and continue to evolve our culture could negatively affect our ability to attract, retain and motivate talented management and employees and to achieve our long-term objectives.

**We may not fully realize the expected benefits of our restructuring plans or other operating or cost-saving initiatives, which may negatively impact our profitability.**

We are currently executing a restructuring plan designed to strengthen and support our financial and operational efficiencies. We have also implemented several changes to our operating model and continue to refine our operating model in response to business and market conditions. We may not achieve the operational improvements and efficiencies that we targeted in our restructuring plans and operating model changes, which could adversely impact our results of operations and financial condition. Implementing any restructuring plan or operating model change presents significant potential risks including, among others, higher than anticipated implementation costs, management distraction from ongoing business activities, failure to maintain adequate controls and procedures while executing our restructuring plans and operating model changes, damage to our reputation and brand image and workforce attrition beyond planned reductions. If we fail to achieve targeted operating improvements and/or cost reductions, our profitability and results of operations could be negatively impacted, which may be dilutive to our earnings in the short term.

**Financial Risks**

**Our credit agreement contains financial covenants, and both our credit agreement and debt securities contain other restrictions on our actions, which could limit our operational flexibility or otherwise adversely affect our financial condition.**

We have, from time to time, financed our liquidity needs in part from borrowings made under our credit facility and the issuance of debt securities. Our Senior Notes limit our ability to, subject to certain significant exceptions, create or incur certain liens and engage in sale leaseback transactions. Our amended credit agreement contains negative covenants that, subject to significant exceptions limit our ability, among other things to incur additional indebtedness, make restricted payments, sell or dispose of assets, pledge assets as security, make investments, loans, advances, guarantees and acquisitions, undergo fundamental changes and enter into transactions with affiliates. In addition, we must maintain a certain leverage ratio and interest coverage ratio as defined in the amended credit agreement. Our ability to continue to borrow amounts under our amended credit agreement is limited by continued compliance with these financial covenants, and in the past we have amended our credit agreement to provide certain relief from and revisions to our financial covenants for specified periods to provide us with sufficient access to liquidity during those periods. Failure to comply with these operating or financial covenants could result from, among other things, changes in our results of operations or general economic conditions. These covenants may restrict our ability to engage in transactions that would otherwise be in our best interests. Failure to comply with any of the covenants under the amended credit agreement or our Senior Notes could result in a default, which could negatively impact our access to liquidity.

In addition, the amended credit agreement includes a cross default provision whereby an event of default under certain other debt obligations (including our debt securities) will be considered an event of default under the amended credit agreement. If an event of default occurs, the commitments of the lenders under the amended credit agreement may be terminated and the maturity of amounts owed may be accelerated. Our debt securities include a cross acceleration provision which provides that the acceleration of certain other debt obligations (including our credit agreement) will be considered an event of default under our debt securities and, subject to certain time and notice periods, give bondholders the right to accelerate our debt securities. Our debt securities further include provisions which may require us to repurchase our debt securities at a premium upon certain change of control events.

**We may need to raise additional capital to manage and grow our business, and we may not be able to raise capital on terms acceptable to us or at all.**

Managing and growing our business will require significant cash outlays and capital expenditures and commitments. We have utilized cash on hand and cash generated from operations, accessed our credit facility and issued debt securities as sources of liquidity. As of March 31, 2026, our cash and cash equivalents totaled $309

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million. However, if in future periods our cash on hand, cash generated from operations and availability under our credit agreement are not sufficient to meet our cash requirements, we will need to seek additional capital, potentially through debt or equity financing, to fund our operations and future growth, and we may be unable to obtain debt or equity financing on favorable terms or at all. Our ability to access the credit and capital markets in the future as a source of liquidity, and the borrowing costs associated with such financing, are dependent upon market conditions and our credit rating and outlook. Our credit ratings have been downgraded in the past, and we cannot assure that we will be able to maintain our current ratings, which could increase our cost of borrowing in the future. Increases in interest rates, changes in our credit profile or refinancing of existing indebtedness may result in higher interest expense and reduced financial flexibility, which could adversely affect our cash flows, profitability and ability to execute our business strategies. In addition, equity financing may be on terms that are dilutive or potentially dilutive to our stockholders, and the prices at which new investors would be willing to purchase our securities may be lower than the current price per share of our common stock. The holders of new securities may also have rights, preferences or privileges which are senior to those of existing holders of common stock. If new sources of financing are required, but are insufficient or unavailable, we will be required to modify our growth and operating plans based on available funding, if any, which would harm our ability to grow our business.

**Our operating results are subject to seasonal and quarterly variations in our net revenues and income from operations, which could adversely affect the price of our publicly traded common stock.**

We have experienced, and expect to continue to experience, seasonal and quarterly variations in our net revenues and income or loss from operations. The majority of our net revenues are historically generated during the last two quarters of the calendar year. Our quarterly results of operations may also fluctuate significantly as a result of a variety of other factors, including the timing of our customer orders, our ability to timely deliver, the timing of marketing and advertising costs and changes in our product mix. As a result of these seasonal and quarterly fluctuations, we believe that comparisons of our operating results between different quarters within a single year are not necessarily meaningful and that these comparisons cannot be relied upon as indicators of our future performance. Any seasonal or quarterly fluctuations that we report in the future may not match the expectations of market analysts and investors. This could cause the price of our publicly traded stock to fluctuate significantly.

**Our results of operations are affected by the performance of our equity investments, over which we do not exercise control.**

We maintain certain minority investments, and may in the future invest in additional minority investments, which we account for under the equity method, and are required to recognize our allocable share of its net income or loss in our Consolidated Financial Statements. Our results of operations are affected by the performance of these businesses, over which we do not exercise control, and our net income or loss may be negatively impacted by losses realized by these investments. For example, we have previously recognized losses related to our Japanese licensee's business. We are also required to regularly review our investments for impairment, and an impairment charge may result from the occurrence of adverse events or management decisions that impact the fair value or estimated future cash flows to be generated from our investments. Furthermore, based on its financial performance, our ability to recover our investment in the long term may be limited.

**Our financial results could be adversely impacted by currency exchange rate fluctuations.**

During Fiscal 2026, we generated approximately 48% of our consolidated net revenues outside the United States. As our international business grows, our results of operations could be adversely impacted by changes in foreign currency exchange rates. Revenues and certain expenses in markets outside of the United States are recognized in local foreign currencies, and we are exposed to potential gains or losses from the translation of those amounts into U.S. dollars for consolidation into our financial statements. These amounts can be material. Similarly, we are exposed to gains and losses resulting from currency exchange rate fluctuations on transactions generated by our international subsidiaries in currencies other than their functional currencies. In addition, the business of our independent manufacturers may also be disrupted by currency exchange rate fluctuations by making their purchases of raw materials more expensive and more difficult to finance. From time to time, our results of operations have been, and in the future may be, adversely impacted by foreign currency exchange rate fluctuations. In addition, we have previously designated cash flow hedges against certain forecasted transactions. If we determine that such a transaction is no longer probable to occur in the time period we expected, we are required to de-designate the hedging relationship and immediately recognize the derivative instrument gain or loss in our earnings. From time to time, global macroeconomic factors have caused and may in the future to cause uncertainty

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in forecasted cash flows, which has resulted and may in the future result in the de-designation of certain hedged transactions.

**Legal, Regulatory and Compliance Risks**

**Our business is subject to a wide array of laws and regulations, and our failure to comply with these requirements could lead to investigations or actions by government regulators, increased expense or reputational damage.**

Our business is subject to a wide array of laws and regulations, including those addressing consumer protection, safety, labeling, distribution, importation, sustainability and environmental matters, labor and human rights matters, the marketing and sale of our products, data privacy and other matters. These requirements are enforced by various federal agencies, including the Federal Trade Commission, Consumer Product Safety Commission, Customs and Border Protection and state attorneys general in the United States, as well as by various other federal, state, provincial, local and international regulatory authorities in the locations in which our products are distributed or sold. If we or any of our suppliers fail to comply with these regulations, we could become subject to significant penalties or claims or be required to stop importing, selling or otherwise recall products, which could negatively impact our results of operations and disrupt our ability to conduct our business, as well as damage our brand image with consumers. In addition, the adoption of new legislation, regulations, industry standards and reporting obligations, including related to data privacy, use of artificial intelligence and other machine learning technologies, components of our products (including chemicals), sustainability and climate change, or changes in the interpretation of existing regulations may result in significant unanticipated compliance costs or discontinuation of product sales and may impair the marketing of our products, resulting in significant loss of net revenues.

Our international operations are also subject to compliance with the U.S. Foreign Corrupt Practices Act, or FCPA, and U.S. sanctions laws, as well as other anti-bribery and sanctions laws of foreign jurisdictions where we conduct business. Although we have policies and procedures to address compliance with the FCPA and similar laws and sanctions requirements, there can be no assurance that all of our employees, contractors, agents and other partners will not take actions in violations of our policies or that our procedures will effectively mitigate against such risks. Any such violation could subject us to sanctions or other penalties that could negatively affect our reputation, business and operating results.

We must also comply with increasingly complex and evolving regulatory standards throughout the world enacted to protect personal information and other data, including the General Data Protection Regulation, the ePrivacy Directive, the California Consumer Privacy Act of 2018, the California Privacy Rights Act as amended by the California Privacy Rights Act of 2020 and its regulations, the California Invasion of Privacy Act, the final rule issued by the U.S. Department of Justice implementing Executive Order 14117, state privacy laws throughout the United States and other comprehensive privacy laws, such as the Personal Information Protection Law in China, Canada's Personal Information Protection and Electronic Documents Act, India's new Digital Personal Data Protection Act and European Union Artificial Intelligence Act. These laws and related regulations impact our ability to engage with our consumers, and some of these privacy laws prohibit the transfer of personal information to certain other jurisdictions. Compliance with existing laws and regulations can be costly and could negatively impact our profitability. Moreover, data privacy laws and regulations continue to evolve and it may be costly for us to adjust our operations to comply with new requirements. Regulatory bodies throughout the world have increased enforcement efforts against companies who fail to comply with privacy requirements. Failure to comply with these regulatory standards could result in a violation of data privacy laws and regulations and subject us to legal proceedings against us by governmental entities or others, imposition of fines by governmental authorities, negative publicity and damage to our brand image, all of which could have a negative impact on our profitability.

**Data security or privacy breaches could damage our reputation, cause us to incur additional expense, expose us to litigation and adversely affect our business and results of operations.**

We collect proprietary business information and personally identifiable information in connection with digital marketing, digital commerce, and our in-store payment processing systems. We also rely on third parties for the operation of certain of our e-commerce websites, and do not control these service providers. Like other companies in our industry, we have in the past experienced, and we expect to continue to experience, cyberattacks, including phishing, ransomware, credential stuffing, cyber fraud incidents and other attempts to gain unauthorized access to our systems. These attempted attacks have become more frequent and there can be no assurance that these attacks will not have a material impact in the future. Breaches of our data security or that of our service providers

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has in the past, and could in the future result in an unauthorized release or transfer of customer, consumer, vendor or employee information, or the loss of money, valuable business data or cause a disruption in our business. These events have in the past, and could in the future give rise to unwanted media attention, damage our reputation, damage our customer, consumer or user relationships and result in lost sales, fines or lawsuits. We may also be required to expend significant capital and other resources to protect against or respond to or alleviate problems caused by a security breach, which could negatively impact our results of operations.

**Changes in tax laws and unanticipated tax liabilities could adversely affect our effective income tax rate and profitability.**

We are subject to income taxes in the United States and numerous foreign jurisdictions. Our effective income tax rate could be adversely affected in the future by a number of factors, including changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, changes in tax laws and regulations or their interpretations and application, and the outcome of income tax audits in various jurisdictions around the world.

Moreover, we also engage in multiple types of intercompany transactions, and our allocation of profits and losses among us and our subsidiaries through our intercompany transfer pricing arrangements are subject to review by the Internal Revenue Service and foreign tax authorities. Although we believe we have clearly reflected the economics of these transactions in accordance with current rules and regulations, which are generally consistent with the arms-length standard, and the proper documentation is in place, tax authorities may propose and sustain adjustments that could result in changes that may materially adversely impact our tax provision, cash tax liability, effective tax rate, cash flows and profitability.

Additionally, many jurisdictions in which we operate have enacted or will enact legislation consistent with the Organization for Economic Cooperation and Development's ("OECD") Pillar Two global minimum tax framework, which is designed to ensure that multinational enterprises are subject to a minimum effective tax rate of 15% on a jurisdictional basis. In January 2026, the OECD released additional administrative guidance introducing a Side-by-Side ("SbS") system, which modifies the application of the Pillar Two Global Anti-Base Erosion Model Rules for multinational enterprise, headquartered in the United States and is intended to provide a safe harbor that would limit the application of certain Pillar Two top-up taxes. While applicable Pillar Two legislation enacted to date did not have a material adverse impact on our effective tax rate or consolidated financial statements in Fiscal 2026, uncertainty remains regarding implementation, interpretation by tax authorities and long-term interaction with domestic tax regimes. Accordingly, we continue to evaluate the impact of enacted legislation in applicable jurisdictions as additional guidance becomes available, including our eligibility for any available relief. As additional jurisdictions adopt or modify their legislation, these developments could have a material adverse impact on our tax provision, cash tax liability, effective tax rate, cash flows and profitability.

In July 2025, the U.S. federal government enacted the budget reconciliation H.R. 1, referred to as One Big Beautiful Bill Act ("OBBBA"). 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 provisions. Based on our current evaluation of the legislation, we do not expect these tax reform provisions to have a material impact on our tax provision. We will continue to assess the potential impacts of OBBBA as additional regulatory guidance becomes available. Future changes in U.S. tax laws or their interpretation could have a material adverse impact our tax provision, effective tax rate, or cash tax obligations in future periods.

**Failure to protect our intellectual property rights, or our conflict with the rights of others, could damage our brand, weaken our competitive position and negatively impact our results of operations.**

Our success depends in large part on our brand image. We currently rely on a combination of copyright, trademark, trade dress, patent, anti-counterfeiting and unfair competition laws, confidentiality procedures and licensing arrangements to establish and protect our intellectual property rights. Despite our strategic enforcement efforts, we may not be able to adequately prevent infringement of our trademarks and proprietary rights by others, including imitation of our products and misappropriation of our brand, and intellectual property protection may be unavailable or limited in some jurisdictions. In addition, intellectual property rights in the technology, fabrics and processes used to manufacture the majority of our products are generally owned or controlled by our suppliers and are generally not unique to us, and our current and future competitors are able to manufacture and sell products with performance characteristics and fabrications similar to certain of our products.

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From time to time, we have brought claims relating to the enforcement of our intellectual property rights against others or have discovered unauthorized products in the marketplace that are either counterfeit reproductions of our products or unauthorized irregulars that do not meet our quality control standards. If we fail to protect, maintain and enforce our intellectual property rights, the value of our brand could decrease and our competitive position may suffer. In addition, from time to time others have sought to enforce infringement claims against us. Successful infringement claims against us could result in significant monetary liability or prevent us from selling or providing some of our products. The resolution of such claims may require us to pull product from the market, redesign our products, license rights belonging to third parties or cease using those rights altogether. Any of these events could harm our business and have a material adverse effect on our results of operations and financial condition.

**We have been involved in legal proceedings that have resulted in significant expense, and we may be involved in legal proceedings in the future that could have a material adverse effect on our business, reputation, financial condition, results of operations or stock price.**

We are actively involved in a variety of litigation and other legal matters and may be subject to additional litigations, investigations, arbitration proceedings, audits, regulatory inquiries and similar actions, including matters related to commercial disputes, intellectual property, employment, securities laws, disclosures, environmental, tax, accounting, insurance coverage, class action and product liability, as well as trade, regulatory and other claims related to our business and our industry, which we refer to collectively as legal proceedings.

Legal proceedings can be expensive and disruptive. We cannot predict the outcome of any particular legal proceeding, or whether ongoing legal proceedings will be resolved favorably or ultimately result in material damages, fines or other penalties. Our insurance may not cover all claims that may be asserted against us, and we are unable to predict how long the legal proceedings to which we are currently subject will continue. An unfavorable outcome of any legal proceeding may have a material adverse impact on our business, financial condition and results of operations or our stock price. Legal proceedings have in the past, and may again in the future, require us to record significant reserves or charges, which could result in material expense, cash outflows and volatility in our results of operations from period to period. In addition, any legal proceeding could negatively impact our reputation among our customers or our shareholders. Furthermore, publicity surrounding ongoing legal proceedings, even if resolved favorably for us, could result in additional legal proceedings against us, as well as damage our brand image.

**We previously identified and remediated material weaknesses in our internal control over financial reporting. Any other material weaknesses identified in the future could result in material misstatements in our consolidated financial statements, a failure to meet our periodic reporting obligations and a decline in our stock price.**

As previously disclosed, we identified material weaknesses in our internal control over financial reporting as of March 31, 2024 and March 31, 2025 and as a result, we also determined that our disclosure controls and procedures were ineffective as of March 31, 2024 and March 31, 2025. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of a company's annual or interim financial statements will not be prevented or detected on a timely basis. These material weaknesses resulted from a failure to design and maintain effective controls over certain aspects of the period-end financial reporting process, including the review and execution of certain balance sheet account reconciliations, and we did not design and maintain effective controls over the classification and presentation of general ledger accounts in the appropriate financial statement line items within the consolidated financial statements.

While the material weaknesses have been remediated as of March 31, 2026, and our management has determined that our internal control over financial reporting and disclosure controls and procedures were effective as of March 31, 2026, there can be no assurances that other deficiencies will not come to management's attention in the future that could lead to additional material weaknesses, which could again cause us to conclude that our internal control over financial reporting and disclosure controls and procedures are ineffective. Any failure to maintain an effective internal control over financial reporting could result in material misstatements in our interim or annual consolidated financial statements, failure to meet our reporting obligations, significant expenses to remediate any deficiencies, a decline in investor confidence in our reported financial information and a decline in our stock price.

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**Risks Related to our Common Stock**

**Kevin Plank, our founder and President and Chief Executive Officer, controls the majority of the voting power of our common stock.**

Our Class A Common Stock has one vote per share, our Class B Convertible Common Stock has 10 votes per share and our Class C Common Stock has no voting rights (except in limited circumstances). Our founder and President and Chief Executive Officer, Kevin Plank, beneficially owns all outstanding shares of Class B Convertible Common Stock. As a result, Mr. Plank has the majority voting control and is able to direct the election of all of the members of our Board of Directors and other matters we submit to a vote of our stockholders. Under certain circumstances, the Class B Convertible Common Stock automatically converts to Class A Common Stock, which would also result in the conversion of our Class C Common Stock into Class A Common Stock. As specified in our charter, these circumstances include when Mr. Plank beneficially owns less than 15% of the total number of shares of Class A Common Stock and Class B Convertible Common Stock outstanding, if Mr. Plank were to resign as an Approved Executive Officer of the Company (or was otherwise terminated for cause) or if Mr. Plank sells more than a specified number of any class of our common stock within a one-year period. This concentration of voting control may have various effects including, but not limited to, delaying or preventing a change of control or allowing us to take action that the majority of our stockholders do not otherwise support. In addition, we utilize shares of our Class C Common Stock to fund employee equity incentive programs and may do so in connection with future stock-based acquisition transactions, which could prolong the duration of Mr. Plank's voting control.

**The trading prices for our Class A and Class C Common Stock may differ and fluctuate from time to time.**

The trading prices of our Class A and Class C Common Stock may differ and fluctuate from time to time in response to various factors, some of which are beyond our control. These factors may include, among others, overall performance of the equity markets and the economy as a whole, variations in our quarterly results of operations or those of our competitors, our ability to meet our published guidance and securities analyst expectations, or recommendations by securities analysts. In addition, our non-voting Class C Common Stock has traded at a discount to our Class A Common Stock, and there can be no assurance that this will not continue.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 1C. CYBERSECURITY**

**Risk Management and Strategy**

We recognize the importance of protecting consumer and employee data and maintaining the safety and security of our information systems. We identify, assess and manage material risks on an enterprise basis through our global enterprise risk management ("ERM") program. We maintain a cybersecurity program designed to help detect, identify, classify and mitigate cybersecurity and other data security threats, which is aligned to and informed by our ERM program. Our cybersecurity program takes into consideration, among other things, compliance requirements, risks to our revenue channels, risks posed by third-party engagements, consumer and employee data security and global enterprise security. We engage independent third parties to conduct periodic and risk-based penetration testing and targeted security audits of our information systems. In addition, we engage a third-party vendor to conduct 24/7 monitoring of cybersecurity alerts. In the event we identify or are notified of a potential cybersecurity, privacy or other data security incident, we have a data incident response plan that defines procedures for responding to such incidents, including guidelines regarding when and how to engage with our executive leadership team, our Board of Directors, other stakeholders and law enforcement, as applicable. We also maintain cyber liability insurance to help defray financial losses arising out of a cyber security incident; our insurance, however, may not cover all types of cybersecurity incidents or all losses that we incur.

We have adopted, and periodically review and update, as appropriate, information security and privacy notices, policies and procedures. We maintain annual cybersecurity and data privacy training for all employees with access to our corporate systems. In addition, as part of our Payment Card Industry Data Security Standard compliance, we maintain annual role-based training on protecting payment card information for all relevant

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employees. We conduct proactive incident preparedness activities focused on cybersecurity risks and business continuity, such as annual table-top exercises with our senior management, as well as periodic phishing simulations to test our employees' responses to suspicious emails.

We utilize third-party service providers as a part of our day-to-day business operations. Certain of the networks and systems used to conduct our operations are managed by such third-party service providers and are not under our direct control. To address cybersecurity risk to our operations arising from our relationships with third-party service providers, we maintain a third-party risk management program, which includes cybersecurity and data privacy assessments during vendor onboarding to identify and classify risk based on several factors, including the type of data handled by the third-party service provider and the potential impact to our business if there were a significant disruption to the third-party service or system.

**Governance**

Our Board has delegated primary responsibility to oversee the management of risks related to information technology use and protection, including cybersecurity and data privacy, to the Audit Committee, while retaining oversight of management's overall approach to risk management. The Audit Committee receives regular reports regarding our cybersecurity risks through two annual briefings by senior management, including our Chief Information Security Officer ("CISO") and head of data privacy, and additional periodic updates as appropriate. At each Board meeting, the chairperson of the Audit Committee and the Corporate Secretary report on the Audit Committee's activities, including risk management, which provides an opportunity to discuss significant cybersecurity risks with the full Board.

Our CISO leads our global cybersecurity team and is responsible for the oversight and execution of our cybersecurity program. Our current CISO has served in various roles in information technology and information security for over twenty years, including at our Company since 2013. He holds an MBA and a Certified Information Systems Security Professional certification. Our CISO reports to our Chief Technology Officer, who reports to our Chief Executive Officer.

**Impact of Cybersecurity Risks on Strategy and Results**

As of the date of this Annual Report on Form 10-K, we have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our business, including our business strategy, results of operations or financial condition. However, we and our third-party service providers continue to experience cyberattacks, including phishing, ransomware and other attempts to gain unauthorized access to our and their systems, that could materially affect us in the future. For additional information regarding the threats we face, see "Risk Factors—Business and Operational Risks—*If we encounter problems with our distribution system, our ability to deliver our products to the market could be adversely affected*"; "*—We rely significantly on information technology and any failure, inadequacy or interruption of that technology could harm our ability to effectively operate our business*"; and "—Legal, Regulatory and Compliance Risks—*Data security or privacy breaches could damage our reputation, cause us to incur additional expense, expose us to litigation and adversely affect our business and results of operations*" included in Part I, Item 1A of this Annual Report on Form 10-K.

**ITEM 2. PROPERTIES**

The following includes a summary of the principal properties that we own or lease as of March 31, 2026.

**Company Operated**

Our principal executive and administrative offices are located at an office complex that we own in the Baltimore Peninsula, an area of Baltimore, Maryland. We continue to own office space in Baltimore, Maryland, where our previous principal executive and administrative offices were located. We are continuing to evaluate potential options for this space. We lease office space for each of our EMEA, Asia-Pacific and Latin America headquarters.

We lease our primary distribution facilities, which are located in Sparrows Point, Maryland and Mount Juliet, Tennessee. These leases expire on different dates, with the earliest lease termination date occurring in December 2027. Combined, these facilities represent approximately 2.5 million square feet of facility space. As previously disclosed, during Fiscal 2026 we exited our distribution facility located in Rialto, California as part of our 2025

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restructuring plan. We believe our existing distribution facilities and space available through our third-party logistics providers, described below, will be adequate to meet our short term needs.

As of March 31, 2026, we leased 443 Brand and Factory House retail stores, located primarily in the United States, China, Canada, Mexico, Thailand, the United Kingdom, South Korea, Malaysia, Singapore, Spain and Australia with lease termination dates occurring through 2038. We also lease additional office space for sales, quality assurance and sourcing, marketing and administrative functions. We anticipate that we will be able to extend these leases that expire in the near future on satisfactory terms or relocate to other locations.

**Third-Party Operated**

We partner with third-party logistics providers who operate distribution centers in international markets including Canada, Mexico, Panama, the United Kingdom, Netherlands, Hong Kong and China.

**ITEM 3. 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 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for information on certain legal proceedings, which is incorporated by reference herein.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

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**PART II.**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

Under Armour's Class A Common Stock and Class C Common Stock are traded on the New York Stock Exchange ("NYSE") under the symbols "UAA" and "UA", respectively. As of May 15, 2026, there were 1,713 record holders of our Class A Common Stock, 5 record holders of Class B Convertible Common Stock which are beneficially owned by our President and Chief Executive Officer, Kevin A. Plank, and 1,002 record holders of our Class C Common Stock.

Our Class A Common Stock was listed on the NYSE under the symbol "UA" until December 6, 2016 and under the symbol "UAA" since December 7, 2016. Prior to November 18, 2005, there was no public market for our Class A Common Stock. Our Class C Common Stock was listed on the NYSE under the symbol "UA.C" since its initial issuance on April 8, 2016 until December 6, 2016 and under the symbol "UA" since December 7, 2016.

**Unregistered Sales of Equity Securities and Use of Proceeds**

The following table sets forth the Company's repurchases of Class C Common Stock during the three months ended March 31, 2026 under the three-year $500 million share repurchase program authorized by our Board of Directors in May 2024.

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| | | | |
|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Approximate Dollar Value of Shares that May Yet be Purchased Under the Program <br>(in millions)** |
| 01/01/2026 to 01/31/2026 |  | $– — | $385.0 |
| 02/01/2026 to 02/28/2026 |  | $– — | $385.0 |
| 03/01/2026 to 03/31/2026 |  | $– — | $385.0 |

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**Dividends**

No cash dividends were declared or paid during Fiscal 2026, Fiscal 2025, or Fiscal 2024 on any class of our common stock. We currently anticipate we will retain future earnings for use in our business, and as a result, we do not anticipate paying any cash dividends in the foreseeable future. However, if we were to consider declaring a cash dividend to our stockholders, we may be limited in our ability to do so under our credit facility. Refer to "Liquidity and Capital Resources" within Management's Discussion and Analysis, included in Part II, Item 7 of this Annual Report on Form 10-K and Note 7 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for a further discussion of our credit facility.

**Stock Compensation Plans**

See Item 12 "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" for information regarding our equity compensation plans.

**Stock Performance Graph**

The stock performance graph below compares cumulative total return on Under Armour, Inc. Class A Common Stock to the cumulative total return of the S&P 500 Index and S&P 500 Apparel, Accessories and Luxury Goods Index from December 31, 2020 through March 31, 2026. The graph assumes an initial investment of $100 in Under Armour and each index as of December 31, 2020 and reinvestment of any dividends. The performance shown on the graph below is not intended to forecast or be indicative of possible future performance of our common stock.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **12/31/2020** | **12/31/2021** | **3/31/2022** | **3/31/2023** | **3/31/2024** | **3/31/2025** | **3/31/2026** |
| Under Armour, Inc. | $100.00 | $123.41 | $99.12 | $55.26 | $42.97 | $36.39 | $34.40 |
| S&P 500 | $100.00 | $128.71 | $122.79 | $113.30 | $147.15 | $159.29 | $187.65 |
| S&P 500 Apparel, Accessories & Luxury Goods | $100.00 | $106.06 | $87.76 | $60.81 | $51.71 | $47.25 | $52.13 |

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**ITEM 6. [RESERVED]**

Not applicable.

**ITEM 7. 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 Consolidated Financial Statements and the accompanying Notes to our Consolidated Financial Statements under Part II, Item 8 and the information contained elsewhere in this Annual Report on Form 10-K, under the captions "Business" and "Risk Factors."*

*Unless otherwise noted: (i) all dollar and percentage comparisons made herein refer to Fiscal 2026 compared to Fiscal 2025; and (ii) all tabular data is presented in thousands, except share and per share data. Please refer to Part II, Item 7 of our Annual Report on Form 10-K for Fiscal 2025, filed with the Securities Exchange Commission ("SEC") on May 22, 2025, which is incorporated by reference herein, for a comparative discussion of our Fiscal 2025 financial results as compared to Fiscal 2024.*

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**OVERVIEW**<br>

We are a leading developer, marketer and distributor of branded performance apparel, footwear and accessories for men, women and youth. Our products are engineered with performance-driven materials and technologies, spanning a wide range of designs and styles for use in diverse climates. Our products are worn by athletes at all levels, from youth to professional, across multiple sports worldwide as well as by consumers who embrace active and performance-oriented lifestyles.

We are focused on driving sustainable long-term growth and profitability through increased demand for our core product categories, continued expansion of our direct-to-consumer capabilities and strategic development of our wholesale network. Our strategic priorities are focused on elevating brand positioning, simplifying and scaling our operating model, accelerating innovation and enhancing global go-to-market execution. Execution of these priorities depends, in part, on our ability to deliver against strategic initiatives across key areas of the business, including North America region, our largest market. Our digital strategy is designed to enhance consumer engagement, strengthen brand loyalty and enable omnichannel experiences across multiple digital touchpoints.

**Fiscal 2026 Results**

During Fiscal 2026, 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 results for Fiscal 2026 as compared to Fiscal 2025 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total net revenues decreased 3.8%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within our distribution channels, wholesale revenue decreased 4.9% and direct-to-consumer revenue decreased 1.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within our product categories, apparel revenue decreased 1.6%, footwear revenue decreased 10.8%, and accessories revenue increased 0.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenue decreased 7.9% in North America, increased 8.6% in EMEA, decreased 4.8% in Asia-Pacific and increased 8.7% in Latin America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross margin decreased 240 basis points to 45.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Selling, general and administrative expenses decreased 11.8%.

**2025 Restructuring Plan**

During Fiscal 2025, our Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support our financial and operational efficiencies. On May 11, 2026, our Board of Directors approved an increase of up to $50 million of additional charges, resulting in a total restructuring plan of approximately $305 million, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $139 million in cash charges, including approximately $46 million in employee severance and benefits costs and $93 million related to various transformational initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $166 million in non-cash charges, including approximately $7 million in employee severance and benefits costs, and $159 million in contract terminations, facility, software, and other asset-related charges and impairments.

As of March 31, 2026, we have recorded a total of $260.7 million of restructuring and related charges under the 2025 restructuring plan. The 2025 restructuring plan is now expected to be substantially complete by December 31, 2026.

Restructuring and related charges are excluded from our segment profitability measures. We report restructuring and related charges within Corporate Other, which is designed to provide increased transparency and comparability of operating segments' performance.

For Fiscal 2026, the restructuring and related charges included $152.6 million relating to North America, $10.4 million relating to Asia-Pacific, $6.4 million relating to EMEA and $2.1 million relating to Latin America.

For Fiscal 2025, the restructuring and related charges included $75.9 million relating to North America, $12.1 million relating to EMEA and $6.4 million relating to Asia-Pacific. These charges were offset by a net gain of $5.3 million from the sale of the MapMyFitness platform, relating to the Corporate Other non-operating segment.

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The following table summarizes the costs recorded during the periods indicated in connection with the 2025 restructuring plan:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Estimated Restructuring and <br>Related Charges** | **Estimated Restructuring and <br>Related Charges** |
| | **2026** | **2025** | **Remaining to be incurred** | **Total to be incurred** |
| ***Costs recorded in cost of goods sold:*** |  |  |  |  |
| &nbsp;&nbsp;Inventory-related costs<sup>(1)</sup> | $13193 | $— |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs recorded in cost of goods sold | $13193 | $— | $— | $13193 |
| ***Costs recorded in restructuring charges:*** |  |  |  |  |
| &nbsp;&nbsp;Employee-related costs | $9081 | $14767 |  |  |
| &nbsp;&nbsp;Facility-related costs<sup>(2)</sup> | 35938 | 25495 |  |  |
| &nbsp;&nbsp;Other restructuring costs<sup>(3)</sup> | 82700 | 17707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs recorded in restructuring charges | $127719 | $57969 | $34045 | $219733 |
| ***Costs recorded in selling, general and administrative expenses:*** |  |  |  |  |
| &nbsp;&nbsp;Employee-related costs | $5639 | $9460 |  |  |
| &nbsp;&nbsp;Other transformation initiatives | 24956 | 21733 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs recorded in selling, general and administrative expenses | $30595 | $31193 | $10286 | $72074 |
| Total restructuring and related charges | $171507 | $89162 | $44331 | $305000 |

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<sup>(1)</sup> Inventory-related costs for Fiscal 2026 include non-cash inventory reserves relating to the separation of the Curry Brand.

<sup>(2)</sup> Facility-related costs for Fiscal 2026 include an impairment charge of $15.9 million relating to the previously disclosed decision to exit our distribution facility in Rialto, California.

<sup>(3)</sup> Other restructuring costs for Fiscal 2026 include $69.7 million of non-cash contract termination costs, primarily relating to the separation of the Curry Brand.

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 developments in the global trade environment, including recent changes in global trade policy, and related effects on consumer discretionary spending. We continue to assess the implications for our business and are actively implementing mitigation strategies. Following the U.S. Supreme Court ruling issued on February 20, 2026, which invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"), new tariffs at different rates under alternative legislative powers were initiated. On May 7, 2026, the U.S. Court of International Trade subsequently ruled these new tariffs to be illegal, but left them in effect pending appeal. We expect further litigation and changes related to these tariff rates during Fiscal 2027. These currently enacted tariff rates continue to increase our product costs and negatively impact our gross margins. The volatility in global trade policy and potential for a continued elevated tariff environment creates uncertainty regarding the potential impact on our Fiscal 2027 results of operations, including revenue, gross profit and operating income.

The U.S. Supreme Court ruling did not address refunds, creating uncertainty regarding the potential recovery of tariffs previously paid under IEEPA. However, in April 2026, the IEEPA refund process was launched and we have started evaluating and, where appropriate, pursuing potential reimbursement of certain IEEPA tariffs previously paid. The timing and amount of recovery ultimately received remain uncertain and are dependent on regulatory and administrative processes outside our control.

Other macroeconomic factors, such as inflationary pressures, geopolitical instability and military conflicts 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

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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. For example, geopolitical instability and ongoing conflicts in the Middle East have and may continue to cause volatility in global energy and transportation markets, including higher fuel prices, resulting in increased shipping and logistics costs.

See "Risk Factors—Economic and Industry Risks—*Our financial results and ability to grow our business may be negatively impacted by global events beyond our control*"; "—*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*"; and "—Financial Risks—*Our financial results could be adversely impacted by currency exchange rate fluctuations"* included in Part I, Item 1A of this Annual Report on Form 10-K.

**RESULTS OF OPERATIONS**<br>

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| Net revenues | $4966370 | 100.0% | $5164310 | 100.0% |
| Cost of goods sold | 2707512 | 54.5% | 2689566 | 52.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2258858 | 45.5% | 2474744 | 47.9% |
| Selling, general and administrative expenses | 2294251 | 46.2% | 2601991 | 50.4% |
| Restructuring charges | 127719 | 2.6% | 57969 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | (163112) | (3.3)% | (185216) | (3.6)% |
| Interest income (expense), net | (30288) | (0.6)% | (6115) | (0.1)% |
| Other income (expense), net | (7276) | (0.1)% | (13431) | (0.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | (200676) | (4.0)% | (204762) | (4.0)% |
| Income tax expense (benefit) | 294752 | 5.9% | (2890) | (0.1)% |
| Income (loss) from equity method investments | (215) | —% | 605 | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(495643) | (10.0)% | $(201267) | (3.9)% |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| ***Net Revenues by Product Category:*** | ***Net Revenues by Product Category:*** | ***Net Revenues by Product Category:*** | ***Net Revenues by Product Category:*** | ***Net Revenues by Product Category:*** |
| Apparel | $3395053 | $3451414 | $(56361) | (1.6)% |
| Footwear | 1076383 | 1206202 | (129819) | (10.8)% |
| Accessories | 414466 | 410860 | 3606 | 0.9% |
| &nbsp;&nbsp;Net Sales | 4885902 | 5068476 | (182574) | (3.6)% |
| License revenues | 107353 | 94590 | 12763 | 13.5% |
| Corporate Other <sup>(1)</sup> | (26885) | 1244 | (28129) | (2261.2)% |
| &nbsp;&nbsp;Total net revenues | $4966370 | $5164310 | $(197940) | (3.8)% |

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<sup>(1)</sup> 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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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| ***Net Revenues by Distribution Channel:*** | ***Net Revenues by Distribution Channel:*** | ***Net Revenues by Distribution Channel:*** | ***Net Revenues by Distribution Channel:*** | ***Net Revenues by Distribution Channel:*** |
| Wholesale | $2831787 | $2978869 | $(147082) | (4.9)% |
| Direct-to-consumer | 2054115 | 2089607 | (35492) | (1.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 4885902 | 5068476 | (182574) | (3.6)% |
| License revenues | 107353 | 94590 | 12763 | 13.5% |
| Corporate Other <sup>(1)</sup> | (26885) | 1244 | (28129) | (2261.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $4966370 | $5164310 | $(197940) | (3.8)% |

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<sup>(1)</sup> 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.

***Net Sales***

Net sales decreased by $182.6 million, or 3.6%, to $4.9 billion during Fiscal 2026, from $5.1 billion during Fiscal 2025. Apparel decreased primarily due to lower average selling prices and unfavorable channel mix, partially offset by the impact of foreign exchange rates. Footwear decreased primarily due to lower unit sales and lower average selling prices, partially offset by favorable channel mix and the impacts of foreign exchange rates. Accessories increased primarily due to higher unit sales, the impact of foreign exchange rates and higher average selling prices, 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 $12.8 million or 13.5%, to $107.4 million during Fiscal 2026, from $94.6 million during Fiscal 2025. This was primarily due to higher revenues 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 $77.5 million for Fiscal 2026 (Fiscal 2025: $78.0 million).

Gross profit decreased by $215.9 million to $2.3 billion during Fiscal 2026, as compared to $2.5 billion during Fiscal 2025. Gross profit as a percentage of net revenues, or gross margin, decreased to 45.5% from 47.9%. This decrease in gross margin of approximately 240 basis points was primarily driven by unfavorable impacts of 190 basis points from supply chain, including 155 basis points from tariff impacts, 70 basis points from unfavorable pricing and 45 basis points from unfavorable channel and regional mix. These were partially offset by favorable impacts of 45 basis points from changes in foreign currency and 20 basis points from favorable 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 marketing and 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

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advertising costs are an important driver of our growth. The other category is the sum of our selling, product innovation and supply chain, and corporate services categories.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| Selling, general and administrative expenses | $2294251 | $2601991 | $(307740) | (11.8)% |

---

Selling, general and administrative expenses decreased by $307.7 million, or 11.8%, during Fiscal 2026 as compared to Fiscal 2025. Within selling, general and administrative expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing and advertising costs decreased $47.6 million or 8.6%. This was primarily due to a decrease in marketing activities during the period. As a percentage of net revenues, marketing and advertising costs decreased to 10.1% from 10.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other costs decreased $260.2 million or 12.7%, primarily due to lower litigation reserve expense, lower incentive compensation expense and lower facility-related expenses. The current year includes $98.5 million of litigation reserve expense relating to the previously disclosed litigation with our insurance carriers (refer to Note 8 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional details). The prior year included $261 million of litigation reserve expense relating to the Consolidated Securities Action litigation, which was settled in Fiscal 2025 (refer to Note 10 to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for Fiscal 2025). Additionally, the prior year included an impairment charge of $28.4 million relating to vacating our former global headquarters. As a percentage of net revenues, other costs decreased to 36.1% from 39.7%.

As a percentage of net revenues, selling, general and administrative expenses decreased to 46.2% during Fiscal 2026 as compared to 50.4% during Fiscal 2025.

**Restructuring Charges**

Restructuring charges within our operating expenses primarily consist of employee severance and benefit costs, contract termination costs, facility, software and other asset-related charges and impairments and various transformational initiatives. Refer to Note 11 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional details.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| Restructuring charges | $127719 | $57969 | $69750 | 120.3% |

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Restructuring charges increased by $69.8 million during Fiscal 2026 compared to Fiscal 2025. This was due to higher other restructuring costs, primarily relating to the separation of the Curry Brand, and higher facility-related costs resulting from an impairment charge of $15.9 million relating to the previously disclosed decision to exit our distribution facility in Rialto, California. These were partially offset by lower employee-related costs.

**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 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional details.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| Interest income (expense), net | $(30288) | $(6115) | $(24173) | (395.3)% |

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Interest expense, net increased by $24.2 million to $30.3 million during Fiscal 2026 compared to $6.1 million during Fiscal 2025. This was primarily due to an increase in interest expense resulting from the issuance of the Senior Notes due 2030 and borrowings on our revolving credit facility, partially offset by interest income earned on the restricted investments held to satisfy and discharge the Senior Notes due 2026.

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**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 certain operating and variable lease costs and associated sublease income relating to lease assets held for sublet purposes and other non-operational facilities.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| Other income (expense), net | $(7276) | $(13431) | $6155 | 45.8% |

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Other expense, net decreased by $6.2 million to $7.3 million during Fiscal 2026 compared to $13.4 million during Fiscal 2025. This was primarily due an increase in sublease income and higher net gains from foreign currency hedges, partially offset by higher facility-related expenses for non-operational facilities, including our former global headquarters and former distribution facility in Rialto, California.

**Income Tax Expense (Benefit)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| Income tax expense (benefit) | $294752 | $(2890) | $297642 | 10299.0% |

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Income tax expense increased by $297.6 million to $294.8 million during Fiscal 2026 from a benefit of $2.9 million during Fiscal 2025. Our Fiscal 2026 effective tax rate was (146.9)% compared to 1.4% for Fiscal 2025. The change in our effective tax rate was primarily driven by valuation allowances recorded against previously recognized U.S. federal deferred tax assets and current fiscal year losses in the U.S. and Cyprus. These were partially offset by the release of valuation allowances against China deferred tax assets and a U.S. federal provision to return benefit related to the U.S. Global Intangible Low Tax Income ("GILTI") inclusion resulting from an approved IRS method change.

**SEGMENT RESULTS OF OPERATIONS**<br>

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; (iii) certain foreign currency hedge gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.

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

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**Net Revenues**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| North America | $2859420 | $3105624 | $(246204) | (7.9)% |
| EMEA | 1180510 | 1086578 | 93932 | 8.6% |
| Asia-Pacific | 719134 | 755437 | (36303) | (4.8)% |
| Latin America | 234191 | 215427 | 18764 | 8.7% |
| Corporate Other <sup>(1)</sup> | (26885) | 1244 | (28129) | (2261.2)% |
| &nbsp;&nbsp;Total net revenues | $4966370 | $5164310 | $(197940) | (3.8)% |

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<sup>(1)</sup> 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 $246.2 million, or 7.9% during Fiscal 2026. This was driven by a decrease in both our wholesale and direct-to-consumer channels. Within our direct-to-consumer channel, net revenues decreased in e-commerce and owned and operated retail stores.

***EMEA***

Net revenues in our EMEA region increased by $93.9 million, or 8.6% during Fiscal 2026. This was driven by an increase in both our wholesale and direct-to-consumer channels and an increase in license revenues. 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 $36.3 million, or 4.8% during Fiscal 2026. This was driven by a decrease in our wholesale channel, partially offset by an increase in license revenues. Our direct-to-consumer channel was relatively flat. Within our direct-to-consumer channel, net revenues increased in owned and operated retail stores, partially offset by a decrease in e-commerce.

***Latin America*** 

Net revenues in our Latin America region increased by $18.8 million, or 8.7% during Fiscal 2026. 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 and e-commerce.

***Corporate Other***

Net revenues in Corporate Other decreased by $28.1 million during Fiscal 2026. This was primarily driven by foreign currency hedge losses related to revenues generated by entities within our operating segments.

**Operating Income (Loss)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** | **Change (%)** |
| North America | $442503 | $629518 | $(187015) | (29.7)% |
| EMEA | 191487 | 147182 | 44305 | 30.1% |
| Asia-Pacific | 84466 | 73187 | 11279 | 15.4% |
| Latin America | 29901 | 47532 | (17631) | (37.1)% |
| Corporate Other <sup>(1)</sup> | (911469) | (1082635) | 171166 | 15.8% |
| &nbsp;&nbsp;Total operating income (loss) | $(163112) | $(185216) | $22104 | 11.9% |

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<sup>(1)</sup> 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.

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***North America***

Operating income in our North America region decreased by $187.0 million, or 29.7% during Fiscal 2026. 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 during the year. These were partially offset by lower facility-related expenses, primarily driven by our decision to exit our distribution facility in Rialto, California as part of our 2025 restructuring plan, lower non-salaried compensation and lower marketing and advertising costs.

***EMEA***

Operating income in our EMEA region increased by $44.3 million, or 30.1% during Fiscal 2026. This was primarily due to an increase in gross profit, driven by higher net revenues, as discussed above, lower bad debt expense and lower marketing and advertising costs. These were partially offset by higher salaried and non-salaried compensation expenses, higher selling and distribution expenses, and higher depreciation expense.

***Asia-Pacific***

Operating income in our Asia-Pacific region increased by $11.3 million, or 15.4% during Fiscal 2026. This was primarily due to an increase in gross profit, driven by reduced promotional activity, lower marketing and advertising costs and lower depreciation expense. These were partially offset by higher selling and distribution expenses.

***Latin America***

Operating income in our Latin America region decreased by $17.6 million, or 37.1% during Fiscal 2026. This was primarily due to a decrease in gross profit, driven by higher product input costs, partially offset by higher net revenues as discussed above. Additionally, the decrease was driven by higher marketing and advertising costs.

***Corporate Other***

Operating loss in Corporate Other decreased by $171.2 million, or 15.8% during Fiscal 2026. This was primarily due to lower litigation reserve expense, partially offset by higher restructuring charges under the 2025 restructuring plan as discussed above. Litigation reserve expense in the current year includes $98.5 million relating to the previously disclosed litigation with our insurance carriers (refer to Note 8 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional details). Litigation reserve expense in the prior year included $261 million relating to the Consolidated Securities Action litigation which was settled in Fiscal 2025 (refer to Note 10 to the Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for Fiscal 2025). Additionally, the prior year included an impairment charge of $28.4 million relating to vacating our former global headquarters.

**LIQUIDITY AND CAPITAL RESOURCES**<br>

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 long-term inventory efficiency through implementation of enhanced systems and processes to improve inventory management. These systems and processes are designed to improve forecasting and supply planning capabilities. In addition, we strive to improve inventory performance through disciplined product purchasing, reduced production lead times and enhanced planning and execution of selling excess inventory through our Factory House stores and other liquidation channels.

As of March 31, 2026, we had approximately $309 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

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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 March 31, 2026, 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, changes in global trade policy or increased tariffs, 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 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.

Due to the global nature of our operations, a portion of our cash is held outside the United States. As of March 31, 2026, approximately $277.6 million of our cash and cash equivalents was held by our foreign subsidiaries, of which approximately $263.3 million is indefinitely reinvested. We have accumulated undistributed earnings of approximately $965.5 million generated by foreign subsidiaries, including $399.4 million of undistributed earnings that will continue to be indefinitely reinvested to fund international growth and operations. We have recorded all applicable taxes on the undistributed earnings of our foreign subsidiaries that are not indefinitely reinvested through March 31, 2026. The remainder of our foreign earnings, which are indefinitely reinvested, were previously subject to U.S. federal tax; additional taxes relating to currency gains, 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 this Annual Report on Form 10-K.

**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 Fiscal 2026, 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.

During Fiscal 2025, under the above authorization, we repurchased $90 million of Class C Common Stock through accelerated share repurchase transactions and received a total of 12.8 million shares, which were immediately retired. As a result, $91.2 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.

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

**Contractual Commitments**

Our significant contractual obligations and commitments as of March 31, 2026 are summarized in the following table:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| | Total | Less Than 1 Year | 1 to 3 Years | 3 to 5 Years | More Than 5 Years |
| Long-term debt obligations <sup>(1)</sup> | $730500 | $29000 | $58000 | $643500 | $— |
| Operating lease obligations <sup>(2)</sup> | 880662 | 184929 | 290440 | 168407 | 236886 |
| Product purchase obligations <sup>(3)</sup> | 1214583 | 1214583 |  |  |  |
| Sponsorships and other <sup>(4)</sup> | 248797 | 65584 | 91504 | 58959 | 32750 |
| &nbsp;&nbsp;Total future minimum payments | $3074542 | $1494096 | $439944 | $870866 | $269636 |

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<sup>(1)</sup> Long-term debt obligations presented in the table above includes principal and interest payments on the Senior Notes due 2030 (defined below), based on the timing of scheduled payments and the term of the debt obligations, and $200 million of principal borrowings outstanding on our revolving credit facility as of March 31, 2026, based on the contractual term date of June 16, 2030. The above table does not include any assumed interest on the revolving credit facility. Additionally, in August 2025, we satisfied and discharged the $600 million Senior Notes due 2026 (defined below) by irrevocably depositing funds in an amount sufficient to satisfy all remaining principal and interest payments. As a result, the principal and remaining interest payments on the Senior Notes due 2026 have been excluded from the table above. However, the Senior Notes due 2026 remain on the Consolidated Balance Sheets as of March 31, 2026 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 Consolidated Balance Sheets as of March 31, 2026. Refer to Note 7 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for a further discussion of long-term debt obligations.

<sup>(2)</sup> Operating lease obligations presented in the table above include future minimum payments for operating lease obligations as of March 31, 2026. Minimum payments for lease obligations exclude variable lease costs, such as contingent rent expense we may incur at our Brand and Factory house stores based on future sales above a specified minimum or payments made for common area maintenance and real estate taxes. The amounts set forth in the table above do not include sublease income from certain excess office facilities, retail space and warehouse space that we sublease to third parties. Refer to Note 4 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for a further discussion of operating lease obligations.

<sup>(3)</sup> Product purchase obligations presented in the table above primarily represent our open production purchase orders with our manufacturers for our apparel, footwear and accessories, including expected inbound freight, duties and other costs. These open purchase orders specify fixed or minimum quantities of products at determinable prices. We generally place orders with our manufacturers between four and six months in advance of expected future sales. The product purchase obligations also includes fabric commitments with our suppliers, which secure a portion of our material needs for future seasons. The reported amounts exclude product purchase liabilities included in accounts payable as of March 31, 2026.

<sup>(4)</sup> Sponsorship and other obligations presented in the table above include the fixed minimum amounts required to be paid under sponsorship agreements and minimum guaranteed royalty payments to endorsers and licensors based upon a predetermined percent of sales of particular products. Sponsorship agreements include professional teams, professional leagues, colleges and universities, individual athletes, athletic events and other marketing commitments in order to promote our brand. Some of these sponsorship agreements provide for additional performance incentives and product supply obligations. It is not possible to determine how much we will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products. The amount of product provided to these sponsorships depends on many factors including general playing conditions, the number of sporting events in which they participate and our decisions regarding product and marketing initiatives. In addition, it is not possible to determine the performance incentive amounts we may be required to pay under these agreements as they are primarily subject to certain performance based and other variables.

The table above excludes a liability of $86.5 million for uncertain tax positions, inclusive of related interest and penalties, as we are unable to reasonably estimate the timing and amount of future cash settlement. Refer to Note 15 to the Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, for a further discussion of our uncertain tax positions.

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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:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **Change ($)** |
| Net cash provided by (used in): |  |  |  |
| &nbsp;&nbsp;Operating activities | $(75088) | $(59319) | $(15769) |
| &nbsp;&nbsp;Investing activities | (688810) | (126350) | (562460) |
| &nbsp;&nbsp;Financing activities | 560628 | (180806) | 741434 |
| &nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | 280 | 4609 | (4329) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $(202990) | $(361866) | $158876 |

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***Operating Activities***

Cash flows used in operating activities increased by $15.8 million, as compared to Fiscal 2025, driven by a decrease from changes in working capital of $48.6 million, partially offset by an increase in net income before the impact of non-cash items of $32.9 million.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $81.1 million from changes in accounts receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $48.2 million from changes in other non-current assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $44.9 million from changes in prepaid expenses and other current assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $26.6 million from changes in customer refund liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $13.7 million from changes in income taxes payable and receivable, net.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $73.1 million from changes in accrued expenses and other liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $64.4 million from changes in accounts payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $28.4 million from changes in inventories.

***Investing Activities***

Cash flows used in investing activities increased by $562.5 million, as compared to Fiscal 2025. During Fiscal 2026, 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 Fiscal 2025, we collected a $50 million earn-out in connection with the sale of the MyFitnessPal platform.

Additionally, total capital expenditures during Fiscal 2026 were $87.1 million, or approximately 2% of net revenues, representing a $81.6 million decrease from $168.7 million during Fiscal 2025. 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 $741.4 million, as compared to Fiscal 2025. During Fiscal 2026, we issued $400 million of Senior Notes due 2030 (as defined below), borrowed $490 million under the revolving credit facility, of which $290 million was repaid during the same period and repurchased $25 million of our Class C Common Stock. During Fiscal 2025, we repaid the $80.9 million aggregate principal amount of the 1.50% Convertible Senior Notes due 2024 using cash on hand and repurchased $90 million of our Class C Common Stock.

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**Capital Resources**

***Credit Facility*** 

In March 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 Fiscal 2026, we borrowed $490 million and made repayments of $290 million under the revolving credit facility. As of March 31, 2026, $200 million remained outstanding at a weighted average interest rate of 4.83%. No amounts were 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 2.50 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 March 31, 2026, $45.5 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 1.00 (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 1.00, or, at our election 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. We were in compliance with the applicable covenants as of March 31, 2026.

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 March 31, 2026, 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.

In August 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 Accounting Standards Codification ("ASC") Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 remain on our Consolidated Balance Sheets as of March 31, 2026 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 Consolidated Balance Sheets as of March 31, 2026.

***7.25% Senior Notes***

In June 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, including our ability to create or incur certain liens and engage in sale leaseback transactions, and are subject to material exceptions described in the indenture governing the Senior Notes due 2030. Our debt securities further include provisions which may require us to repurchase our debt securities at a premium upon certain change of control events.

**CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS**<br>

Our Consolidated Financial Statements, included in Part II, Item 8 of this Annual Report on Form 10-K, have been prepared in accordance with accounting principles generally accepted in the United States of America ("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 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.

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 our 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 we believe we have made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, we may experience further impacts based on long-term effects on our customers and the countries in which we operate. Refer to the risk factors discussed in Part I, Item 1A "Risk Factors" of this Annual Report on Form 10-K.

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**Revenue Recognition**

We recognize revenue pursuant to ASC Topic 606 "Revenue from Contracts with Customers." The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that we ultimately expect to be entitled to in exchange for the products or services and is subject to an overall constraint that a significant revenue reversal will not occur in future periods.

We record reductions to revenue at the time of the transaction for estimated customer returns, allowances, markdowns and discounts. These estimates are based on historical rates of customer returns and allowances as well as the specific identification of outstanding returns, markdowns and allowances that we have not yet received. The actual amount of customer returns and allowances, which are inherently uncertain, may differ from our estimates. At a minimum, we review and refine these estimates on a quarterly basis. If we determine that actual or expected returns or allowances are significantly higher or lower than the reserves we established, we would record a reduction or increase, as appropriate, to net sales in the period in which such a determination was made. Provisions for customer specific discounts are based on contractual obligations with certain major customers. Reserves for returns, allowances, markdowns and discounts included within customer refund liability on the Consolidated Balance Sheets as of March 31, 2026 was $126.1 million (March 31, 2025: $146.0 million). The value of inventory associated with reserves for sales returns included within prepaid expenses and other current assets on the Consolidated Balance Sheets as of March 31, 2026 was $28.5 million (March 31, 2025: $33.6 million).

**Accounts Receivable and Credit Losses - Allowance for Doubtful Accounts**

We make ongoing estimates relating to the collectability of accounts receivable and maintain an allowance for estimated losses resulting from the inability of our customers to make required payments. In determining the amount of the reserve, we consider historical levels of credit losses and significant economic developments within the retail environment that could impact the ability of our customers to pay outstanding balances and make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. Because we cannot predict future changes in the financial stability of our customers, actual future losses from uncollectible accounts may differ from estimates. If the financial condition of customers were to deteriorate, resulting in their inability to make payments, a larger reserve might be required. In the event we determine a smaller or larger reserve is appropriate, we would record a benefit or charge to selling, general and administrative expenses in the period in which such a determination was made. As of March 31, 2026, the allowance for doubtful accounts was $5.0 million (March 31, 2025: $17.0 million).

**Inventory Valuation and Reserves**

We value our inventory at standard cost, which approximates the first-in, first-out method of cost determination. Net realizable value is estimated based upon assumptions made about future demand and retail market conditions, which are inherently uncertain. If we determine that the estimated net realizable value of our inventory is less than the carrying value of such inventory, we record a charge to cost of goods sold to reflect the lower of cost or net realizable value. If actual market conditions are less favorable than those that we projected, further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made. As March 31, 2026, the inventory reserve was $39.7 million (March 31, 2025: $46.6 million).

**Long-Lived Assets**

We continually evaluate long-lived assets and whether events and circumstances have occurred that indicate the remaining estimated useful life may warrant revision or that the remaining balance may not be recoverable. These factors may include a significant deterioration of operating results, changes in business plans, or changes in anticipated cash flows. When factors indicate that an asset should be evaluated for possible impairment, we estimate the fair value of the asset based on its discounted cash flows or market rent assessments and compare the estimated fair value to the net carrying value. The significant estimates used in the fair value methodology, which are based on Level 3 inputs, include: our expectations for future operations and projected cash flows, including net revenue, gross profit and operating expenses and market conditions, including estimated market rent. If future undiscounted cash flows are less than the carrying value, an impairment is recognized in earnings to the extent that the carrying value exceeds fair value. If an impairment of a long-lived asset or definite-lived intangible asset is identified, the carrying value of the respective reporting unit is reduced prior to performing a goodwill impairment test.

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**Goodwill**

Goodwill is recorded at its estimated fair value at the date of acquisition and is allocated to the reporting units that are expected to receive the related benefits. Goodwill is required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If indicators of impairment exist, we first perform a recoverability test on our long-lived assets and definite-lived intangible assets within each reporting unit, as discussed above. If an impairment of a long-lived asset or definite-lived intangible asset is identified, the carrying value of the respective reporting unit is reduced prior to performing a goodwill impairment test. In conducting an annual impairment test, we may review qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or we may choose to bypass the qualitative assessment and perform a quantitative impairment test.

When performing a qualitative assessment, we consider factors including, but not limited to, historical and expected future financial performance, macroeconomic conditions, industry trends and changes in the legal and regulatory environment. If these factors indicate that it is "more likely than not" that the carrying value of a reporting unit exceeds the fair value, we perform a quantitative impairment test.

When performing a quantitative impairment test, we compare the estimated fair value of the reporting unit with its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the goodwill of the reporting unit is impaired to the extent that the carrying value exceeds the fair value.

The fair value of each reporting unit is estimated using the discounted cash flows model, under the income approach, which indicates the fair value of the reporting unit based on the present value of the cash flows that we expect the reporting unit to generate in the future. Key assumptions used in the discounted cash flow model include weighted average cost of capital, long-term growth rate and profitability of the reporting unit's business and working capital effects. We believe the key assumptions used in our annual impairment testing are reasonable. However, they involve estimates and require significant judgment, and therefore are inherently uncertain and subject to change in the future.

**Income Taxes** 

Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary. Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions or obtaining new information on particular tax positions may cause a change to the effective tax rate.

ASC Topic 740 "Income Taxes" ("Topic 740") requires an evidence based approach when assessing the realizability of deferred tax assets and the need for valuation allowance reserves against those assets. Assessing whether deferred tax assets are realizable requires significant judgment. We consider all available positive and negative evidence, including historical operating performance and expectations of future operating performance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. Topic 740 requires that if the weight of negative evidence is greater than positive evidence, a valuation allowance should be established, which increases income tax expense in the period when such a determination is made.

**Stock-Based Compensation**

The assumptions used in calculating the fair value of stock-based compensation awards represent management's best estimates, but the estimates involve inherent uncertainties and the application of management judgment. In addition, compensation expense for performance-based awards with performance conditions is recorded over the related service period when achievement of the performance targets is deemed probable, which requires management judgment.

**Summary of Significant Account Policies**

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

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**Foreign Currency and Interest Rate Risk**

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

We may elect to designate certain derivatives as hedging instruments under U.S. GAAP. We formally document all relationships between designated hedging instruments and hedged items, as well as our risk management objectives and strategies for undertaking hedged 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.

Our foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of March 31, 2026, we have hedge instruments, primarily for British Pound/U.S. Dollar, Euro/U.S. Dollar, U.S. Dollar/Chinese Renminbi, U.S. Dollar/Mexican Peso, U.S. Dollar/Canadian Dollar, U.S. Dollar/Japanese Yen, and U.S. Dollar/South Korean Won currency pairs. All derivatives are recognized on the Consolidated Balance Sheets at fair value and classified based on the instruments' maturity dates.

The table below provides information about our foreign currency forward exchange agreements for the currencies listed above and presents the notional amounts and weighted average exchange rates by contractual maturity dates.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal year ending March 31,** | **Fiscal year ending March 31,** | **Fiscal year ending March 31,** | **Fiscal year ending March 31,** | **Fiscal year ending March 31,** | | **Fair Value as of** | **Fair Value as of** |
| ***<u>(In thousands)</u>*** | ***<u>(In thousands)</u>*** | **2027** | **2028** | **2029** | **2030** | **2031 and thereafter** | **Total** | **March 31, 2026** | **March 31, 2025** |
| **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** | **On-Balance Sheet Financial Instruments** |  |  |
| **USD Functional Currency** | **USD Functional Currency** |  |  |  |  |  |  |  |  |
| EUR | Notional | $300429 | $134197 | $— | $— | $— | $434626 | $(2324) | $(3384) |
|  | Weighted Average Exchange Rate | 1.13 | 1.19 |  |  |  | 1.15 |  |  |
| GBP | Notional | 343337 | 153121 |  |  |  | 496458 | 1279 | (3800) |
|  | Weighted Average Exchange Rate | 1.31 | 1.33 |  |  |  | 1.32 |  |  |
| JPY | Notional | 38625 | 16589 |  |  |  | 55214 | 2971 | 777 |
|  | Weighted Average Exchange Rate | 0.01 | 0.01 |  |  |  | 0.01 |  |  |
| **CNY Functional Currency** | **CNY Functional Currency** |  |  |  |  |  |  |  |  |
| USD | Notional | 294842 | 63532 |  |  |  | 358374 | (5132) | 2295 |
|  | Weighted Average Exchange Rate | 6.96 | 6.86 |  |  |  | 6.96 |  |  |
| **CAD Functional Currency** | **CAD Functional Currency** |  |  |  |  |  |  |  |  |
| USD | Notional | 123174 | 57192 |  |  |  | 180366 | 1785 | 3307 |
|  | Weighted Average Exchange Rate | 1.37 | 1.35 |  |  |  | 1.36 |  |  |
| **MXN Functional Currency** | **MXN Functional Currency** |  |  |  |  |  |  |  |  |
| USD | Notional | 144217 | 45516 |  |  |  | 189733 | (12054) | 1297 |
|  | Weighted Average Exchange Rate | 19.92 | 19.33 |  |  |  | 19.78 |  |  |
| **KRW Functional Currency** | **KRW Functional Currency** |  |  |  |  |  |  |  |  |
| USD | Notional | 43517 | 10100 |  |  |  | 53617 | 2468 | 1212 |
|  | Weighted Average Exchange Rate | 1385.92 | 1435.40 |  |  |  | 1400.75 |  |  |

---

We currently generate a majority of our consolidated net revenues in the United States, and the reporting currency for our Consolidated Financial Statements is the U.S. dollar. As our net revenues and expenses generated outside of the United States increase, our results of operations could be adversely impacted by changes in foreign currency exchange rates. For example, as we recognize foreign revenues in local foreign currencies and if the U.S. dollar strengthens, it could have a negative impact on our foreign revenues upon translation of those results into the U.S. dollar upon consolidation of our financial statements. In addition, we are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by our 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, investments in U.S. dollar denominated

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available-for-sale debt securities, and certain other intercompany transactions. As of March 31, 2026, the aggregate notional value of our outstanding cash flow hedges was $1.5 billion, with contract maturities ranging from one to twenty-four months.

In order to maintain liquidity and fund business operations, we 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 our long term debt can be expected to vary as a result of future business requirements, market conditions and other factors. We may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations from time to time. Our interest rate swap contracts are accounted for as cash flow hedges.

For contracts designated as cash flow hedges, the changes in fair value are reported as other comprehensive income and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. One of the criteria for this accounting treatment is the notional value of these derivative contracts should not be in excess of specifically identified anticipated transactions. By their very nature, our estimates of the anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. When anticipated transaction estimates or actual transaction amounts decline below hedged levels, or if it is no longer probable a forecasted transaction will occur by the end of the originally specified time period or within an additional two-month period of time, we are required to reclassify the cumulative change in fair value of the over-hedged portion of the related hedge contract from Other comprehensive income (loss) to Other income (expense), net during the period in which the decrease occurs.

We enter into derivative contracts with major financial institutions with investment grade credit ratings and are 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, we monitor the credit quality of these financial institutions and consider the risk of counterparty default to be minimal. Although we have entered into foreign currency contracts to minimize some of the impact of foreign currency exchange rate fluctuations on future cash flows, we cannot be assured that foreign currency exchange rate fluctuations will not have a material adverse impact on our financial condition and results of operations.

**Credit Risk** 

We are exposed to credit risk primarily on our accounts receivable. We provide credit to customers in the ordinary course of business and perform ongoing credit evaluations. We believe that our exposure to concentrations of credit risk with respect to trade receivables is largely mitigated by our customer base. We believe that our allowance for doubtful accounts is sufficient to cover customer credit risks as of March 31, 2026. Refer to Note 2 to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a further discussion of our accounting policies.

**Inflation**

Inflationary pressures have and may continue to adversely affect our operating results. 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 on our products. See our "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*" included in Item 1A of this Annual Report on Form 10-K.

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Stockholders of Under Armour, Inc.

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated balance sheets of Under Armour, Inc. and its subsidiaries (the "Company") as of March 31, 2026 and 2025, and the related consolidated statements of operations, of comprehensive income (loss), of stockholders' equity and of cash flows for each of the three years in the period ended March 31, 2026, including the related notes and financial statement schedule for each of the three years in the period ended March 31, 2026 listed in the index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of March 31, 2026, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of March 31, 2026, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable

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assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Net Revenue Recognition – Wholesale and Direct-to-Consumer*

As described in Notes 2 and 10 to the consolidated financial statements, the Company's total net revenues were $4.97 billion for the year ended March 31, 2026, of which wholesale and direct-to-consumer net sales were $4.89 billion. Revenue is recognized when the Company satisfies its performance obligations by transferring control of promised products or services to the customer, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to in exchange for the products or services and is subject to an overall constraint that a significant revenue reversal will not occur in future periods.

The principal consideration for our determination that performing procedures relating to revenue recognition for wholesale and direct-to-consumer is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company's revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recording of revenue once control passes to the customer. These procedures also included, among others (i) testing certain revenue recognized by confirming cash received from a sample of payment service processors utilized by the Company; (ii) reconciling the confirmed amounts to net revenue recognized and testing certain reconciling items; (iii) testing certain revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and payment receipts; (iv) testing a sample of sales incentive transactions by obtaining and inspecting source documents, such as support for the nature of the incentive, amount, and agreement with the customer; and (v) confirming a sample of outstanding customer invoice balances as of March 31, 2026 and, for confirmations not returned, obtaining and inspecting source documents, such as invoices, proof of shipment, and subsequent payment receipts.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 19, 2026

We have served as the Company's auditor since 2003.

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**UNDER ARMOUR, INC.**

**CONSOLIDATED BALANCE SHEETS** 

*(In thousands, except share data)*

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $309168 | $501361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts of $5,018 and $17,020 as of March 31, 2026 and March 31, 2025, respectively. | 681861 | 675822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 914751 | 945836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted investments (Note 7)  | 605396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | 207507 | 206078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2718683 | 2329097 |
| Property and equipment, net (Note 3) | 598953 | 645147 |
| Operating lease right-of-use assets (Note 4) | 429622 | 384341 |
| Goodwill (Note 5) | 492768 | 487632 |
| Intangible assets, net | 4471 | 5224 |
| Deferred income taxes (Note 15) | 52282 | 286160 |
| Other long-term assets | 118915 | 163270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4415694 | $4300871 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt (Note 7) | $599835 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 420077 | 429944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 331391 | 348747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer refund liabilities (Note 10) | 126097 | 146021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities (Note 4) | 153050 | 130050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 46336 | 54381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1676786 | 1109143 |
| Long-term debt, net of current maturities (Note 7) | 590609 | 595125 |
| Operating lease liabilities, non-current (Note 4) | 596139 | 574277 |
| Other long-term liabilities | 137800 | 132048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3001334 | 2410593 |
| Commitments and Contingencies (Note 8) |  |  |
| Stockholders' equity (Note 9) |  |  |
| Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of March 31, 2026 and March 31, 2025; 188,839,506 shares issued and outstanding as of March 31, 2026 (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 March 31, 2026 and March 31, 2025 | 11 | 11 |
| Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of March 31, 2026 and March 31, 2025; 202,927,051 shares issued and outstanding as of March 31, 2026 (March 31, 2025: 202,720,745) | 67 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1278429 | 1237798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 217352 | 746277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (81562) | (93938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1414360 | 1890278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $4415694 | $4300871 |

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Related Party Transactions (Note 18)

See accompanying notes.

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 **UNDER ARMOUR, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

 *(In thousands, except per share amounts)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** |
| Net revenues (Note 10) | $4966370 | $5164310 | $5701879 |
| Cost of goods sold | 2707512 | 2689566 | 3071626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 2258858 | 2474744 | 2630253 |
| Selling, general and administrative expenses | 2294251 | 2601991 | 2400502 |
| Restructuring charges (Note 11) | 127719 | 57969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | (163112) | (185216) | 229751 |
| Interest income (expense), net | (30288) | (6115) | 268 |
| Other income (expense), net | (7276) | (13431) | 32055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income taxes | (200676) | (204762) | 262074 |
| Income tax expense (benefit) (Note 15) | 294752 | (2890) | 30006 |
| Income (loss) from equity method investments | (215) | 605 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(495643) | $(201267) | $232042 |
| Basic net income (loss) per share of Class A, B and C common stock (Note 16) | $(1.16) | $(0.47) | $0.53 |
| Diluted net income (loss) per share of Class A, B and C common stock (Note 16) | $(1.16) | $(0.47) | $0.52 |
| **Weighted average common shares outstanding Class A, B and C common stock** |  |  |  |
| Basic | 426575 | 432245 | 440324 |
| Diluted | 426575 | 432245 | 451011 |

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See accompanying notes.

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**UNDER ARMOUR, INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

*(In thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| Net income (loss) | $(495643) | $(201267) | $232042 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 24123 | (28618) | 3413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $6,119, $(5819) and $1,802 for Fiscal 2026, 2025 and 2024, respectively. | (17295) | 11943 | (4043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on intra-entity foreign currency transactions | 5548 | (140) | (8651) |
| Total other comprehensive income (loss) | 12376 | (16815) | (9281) |
| Comprehensive income (loss) | $(483267) | $(218082) | $222761 |

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See accompanying notes.

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**UNDER ARMOUR, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY** 

*(In thousands)* 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A<br>Common Stock** | **Class A<br>Common Stock** | **Class B Convertible<br>Common Stock** | **Class B Convertible<br>Common Stock** | **Class C<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** | **Additional Paid-in-Capital** | **Retained<br>Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total<br>Equity** |
| **Balance as of March 31, 2023** | 188705 | $63 | 34450 | $11 | 221347 | $73 | $1136536 | $897306 | $(67842) | $1966147 |
| Shares withheld for employee tax obligations on stock-based compensation arrangements |  |  |  |  | (807) |  |  | (6163) |  | (6163) |
| Excise tax on repurchases of common stock |  |  |  |  |  |  | (650) |  |  | (650) |
| Class C Common Stock repurchased |  |  |  |  | (10685) | (3) | (223) | (74774) |  | (75000) |
| Issuance of Class A Common Stock, net of forfeitures | 97 |  |  |  |  |  |  |  |  |  |
| Issuance of Class C Common Stock, net of forfeitures |  |  |  |  | 2856 |  | 3193 |  |  | 3193 |
| Stock-based compensation expense |  |  |  |  |  |  | 42998 |  |  | 42998 |
| Comprehensive income (loss) |  |  |  |  |  |  |  | 232042 | (9281) | 222761 |
| **Balance as of March 31, 2024** | 188802 | $63 | 34450 | $11 | 212711 | $70 | $1181854 | $1048411 | $(77123) | $2153286 |
| Shares withheld for employee tax obligations on stock-based compensation arrangements |  |  |  |  | (1425) |  |  | (9686) |  | (9686) |
| Excise tax on repurchases of common stock |  |  |  |  |  |  | (708) |  |  | (708) |
| Class C Common Stock repurchased |  |  |  |  | (12776) | (4) | 1185 | (91181) |  | (90000) |
| Issuance of Class A Common Stock, net of forfeitures | 21 |  |  |  |  |  |  |  |  |  |
| Issuance of Class C Common Stock, net of forfeitures |  |  |  |  | 4211 | 1 | 2493 |  |  | 2494 |
| Stock-based compensation expense |  |  |  |  |  |  | 52974 |  |  | 52974 |
| Comprehensive income (loss) |  |  |  |  |  |  |  | (201267) | (16815) | (218082) |
| **Balance as of March 31, 2025** | 188823 | $63 | 34450 | $11 | 202721 | $67 | $1237798 | $746277 | $(93938) | $1890278 |
| Shares withheld for employee tax obligations on stock-based compensation arrangements |  |  |  |  | (1386) |  |  | (8284) |  | (8284) |
| Excise tax on repurchases of common stock |  |  |  |  |  |  | (114) |  |  | (114) |
| Class C Common Stock repurchased |  |  |  |  | (5176) | (2) |  | (24998) |  | (25000) |
| Issuance of Class A Common Stock, net of forfeitures | 17 |  |  |  |  |  |  |  |  |  |
| Issuance of Class C Common Stock, net of forfeitures |  |  |  |  | 6768 | 2 | 2188 |  |  | 2190 |
| Reclass of equity award to liability |  |  |  |  |  |  | (7068) |  |  | (7068) |
| Stock-based compensation expense |  |  |  |  |  |  | 45625 |  |  | 45625 |
| Comprehensive income (loss) |  |  |  |  |  |  |  | (495643) | 12376 | (483267) |
| **Balance as of March 31, 2026** | 188840 | $63 | 34450 | $11 | 202927 | $67 | $1278429 | $217352 | $(81562) | $1414360 |

---

See accompanying notes.

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**UNDER ARMOUR, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(In thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Net income (loss) | $(495643) | $(201267) | $232042 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 109623 | 135804 | 142590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange rate (gain) loss | 8485 | (14636) | 16080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 4508 | 6373 | 1623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash restructuring and impairment charges | 105293 | 53765 | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of bond premium and debt issuance costs | 2854 | 2319 | 2034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 45625 | 52974 | 42998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 243364 | (61794) | (23693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in reserves and allowances | (13289) | 4409 | 13612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1076) | 79981 | (3906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 39309 | 10941 | 216484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (31818) | 13116 | (29060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | (90002) | (41777) | 34920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 5928 | (58465) | (197887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 10463 | (62675) | (18267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer refund liabilities | (19773) | 6805 | (21427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and receivable | 1061 | 14808 | (60352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (75088) | (59319) | 353970 |
| **Cash flows from investing activities** |  |  |  |
| Purchases of property and equipment | (87075) | (168684) | (150333) |
| Purchase of restricted investment | (601235) |  |  |
| Sale of MyFitnessPal platform |  | 50000 | 45000 |
| Sale of MapMyFitness platform |  | 8000 |  |
| Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired | (500) | (8120) |  |
| Purchase of equity method investment in ISC Sport |  | (7546) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | (688810) | (126350) | (105333) |
| **Cash flows from financing activities** |  |  |  |
| Common stock repurchased | (25000) | (90000) | (75000) |
| Proceeds from long-term debt and revolving credit facility | 890000 |  |  |
| Repayment of long-term debt and revolving credit facility | (290000) | (80919) |  |
| Employee taxes paid for shares withheld for income taxes | (8284) | (9686) | (6163) |
| Excise tax paid on repurchases of common stock | (743) | (628) |  |
| Proceeds from exercise of stock options and other stock issuances | 2190 | 2494 | 3193 |
| Payments of debt financing costs | (7535) | (2067) | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 560628 | (180806) | (78690) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 280 | 4609 | (19775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents and restricted cash | (202990) | (361866) | 150172 |
| **Cash, cash equivalents and restricted cash** |  |  |  |
| Beginning of period | 515051 | 876917 | 726745 |
| End of period | $312061 | $515051 | $876917 |

---

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**UNDER ARMOUR, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

*(In thousands)*

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| **Non-cash investing and financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual for property and equipment | $11217 | $25225 | $13902 |
| **Other supplemental information** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid (received) for income taxes, net of refunds | $41870 | $28917 | $83133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid (received) for interest, net of capitalized interest | $34008 | $10545 | $4428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of cash, cash equivalents and restricted cash** | **March 31, 2026** | **March 31, 2025** | **March 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $309168 | $501361 | $858691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2893 | 13690 | 18226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash | $312061 | $515051 | $876917 |

---

See accompanying notes.

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**UNDER ARMOUR, INC.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

*(Tabular amounts in thousands, except per share data)*

**INDEX**<br>

---

| | | |
|:---|:---|:---|
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_34) | [Description of Business and Basis of Presentation](#i7b155a09c76d44b1b922c6cfc27f7534_34) | [55](#i7b155a09c76d44b1b922c6cfc27f7534_34) |
| [Note 2](#i7b155a09c76d44b1b922c6cfc27f7534_37) | [Summary of Significant Accounting Policies and Recent Accounting Pronouncements](#i7b155a09c76d44b1b922c6cfc27f7534_37) | [55](#i7b155a09c76d44b1b922c6cfc27f7534_37) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_40)3 | [Property and Equipment](#i7b155a09c76d44b1b922c6cfc27f7534_40) | [65](#i7b155a09c76d44b1b922c6cfc27f7534_40) |
| [Note 4](#i7b155a09c76d44b1b922c6cfc27f7534_43) | [Leases](#i7b155a09c76d44b1b922c6cfc27f7534_43) | [65](#i7b155a09c76d44b1b922c6cfc27f7534_43) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_46)5 | [Goodwill](#i7b155a09c76d44b1b922c6cfc27f7534_46) | [67](#i7b155a09c76d44b1b922c6cfc27f7534_46) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_310)6 | [Supply Chain Finance Program](#i7b155a09c76d44b1b922c6cfc27f7534_310) | [67](#i7b155a09c76d44b1b922c6cfc27f7534_310) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_52)7 | [Credit Facility and Other Long-Term Debt](#i7b155a09c76d44b1b922c6cfc27f7534_52) | [68](#i7b155a09c76d44b1b922c6cfc27f7534_52) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_55)8 | [Commitments and Contingencies](#i7b155a09c76d44b1b922c6cfc27f7534_55) | [70](#i7b155a09c76d44b1b922c6cfc27f7534_55) |
| [Note 9](#i7b155a09c76d44b1b922c6cfc27f7534_58) | [Stockholders' Equity](#i7b155a09c76d44b1b922c6cfc27f7534_58) | [72](#i7b155a09c76d44b1b922c6cfc27f7534_58) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_61)10 | [Revenues](#i7b155a09c76d44b1b922c6cfc27f7534_61) | [73](#i7b155a09c76d44b1b922c6cfc27f7534_61) |
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_64)1 | [Restructuring and Related Charges](#i7b155a09c76d44b1b922c6cfc27f7534_64) | [74](#i7b155a09c76d44b1b922c6cfc27f7534_64) |
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_67)2 | [Stock-Based Compensation](#i7b155a09c76d44b1b922c6cfc27f7534_67) | [75](#i7b155a09c76d44b1b922c6cfc27f7534_67) |
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_70)3 | [Fair Value Measurements](#i7b155a09c76d44b1b922c6cfc27f7534_70) | [78](#i7b155a09c76d44b1b922c6cfc27f7534_70) |
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_73)4 | [Risk Management and Derivatives](#i7b155a09c76d44b1b922c6cfc27f7534_73) | [79](#i7b155a09c76d44b1b922c6cfc27f7534_73) |
| [Note](#i7b155a09c76d44b1b922c6cfc27f7534_256)15 | [Provision for Income Taxes](#i7b155a09c76d44b1b922c6cfc27f7534_256) | [82](#i7b155a09c76d44b1b922c6cfc27f7534_256) |
| [Note 1](#i7b155a09c76d44b1b922c6cfc27f7534_79)6 | [Earnings Per Share](#i7b155a09c76d44b1b922c6cfc27f7534_79) | [87](#i7b155a09c76d44b1b922c6cfc27f7534_79) |
| [Note 17](#i7b155a09c76d44b1b922c6cfc27f7534_82) | [Segment Data](#i7b155a09c76d44b1b922c6cfc27f7534_82) | [87](#i7b155a09c76d44b1b922c6cfc27f7534_82) |
| [Note 18](#i7b155a09c76d44b1b922c6cfc27f7534_316) | [Related Party Transactions](#i7b155a09c76d44b1b922c6cfc27f7534_316) | [89](#i7b155a09c76d44b1b922c6cfc27f7534_316) |

---

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**<br>

**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 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"). Intercompany balances and transactions were eliminated upon consolidation. Throughout this Annual Report on Form 10-K, the term "Fiscal 2026" refers to the Company's fiscal year beginning on April 1, 2025 and ended March 31, 2026; the term "Fiscal 2025" refers to the Company's fiscal year beginning on April 1, 2024 and ended March 31, 2025; and the term "Fiscal 2024" refers to the Company's fiscal year beginning on April 1, 2023 and ended March 31, 2024.

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 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 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.

**NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS**<br>

**Cash, Cash Equivalents and Restricted Cash**

In accordance with Accounting Standards Codification ("ASC") Topic 305 "Cash and Cash Equivalents," the Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents. The Company's restricted cash consists of cash collateral held for standby letters of credit and payments related to claims for its captive insurance program, which is included in prepaid expenses and other current assets on the Company's Consolidated Balance Sheets.

**Concentration of Credit Risk**

Financial instruments that subject the Company to significant concentration of credit risk consist primarily of accounts receivable. The majority of the Company's accounts receivable is due from large wholesale customers. As of March 31, 2026 and March 31, 2025, no single customer accounted for more than 10% of the Company's accounts receivable balance.

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**Accounts Receivable and Credit Losses - Allowance for Doubtful Accounts**

The Company is exposed to credit losses primarily through customer receivables associated with the sale of products within the Company's wholesale channel and through credit card receivables associated with the sale of products within the Company's direct-to-consumer channel.

Credit is extended to wholesale customers based on a credit review. The credit review considers each customer's financial condition, including a review of the customer's established credit rating or, if an established credit rating is not available, then the Company's assessment of the customer's creditworthiness is based on their financial statements, local industry practices, and business strategy. A credit limit and invoice terms are established for each customer based on the outcome of this review. To mitigate credit risk from the wholesale channel, the Company may require customers to provide security in the form of guarantees, letters of credit, deposits, collateral or prepayment. Further, to mitigate certain risk from other wholesale customers, the Company has acquired specific trade accounts receivable insurance policies.

The allowance for doubtful accounts, which is recorded within accounts receivable, net on the Company's Consolidated Balance Sheets, is based on the Company's assessment of the collectability of customer accounts receivable. In accordance with ASC Topic 326 "Financial Instruments - Credit Losses," the Company makes ongoing estimates relating to the collectability of accounts receivable and records an allowance for estimated losses expected from the inability of its customers to make required payments. The Company establishes expected credit losses by evaluating historical levels of credit losses, current economic conditions that may affect a customer's ability to pay, and creditworthiness of significant customers. These inputs are used to determine a range of expected credit losses and an allowance is recorded within the range. Accounts receivable are written off when there is no reasonable expectation of recovery. The following table illustrates the activity in the Company's allowance for doubtful accounts, recorded within accounts receivable, net for the periods presented.

---

| | |
|:---|:---|
| | **Allowance for doubtful accounts** |
| Balance as of March 31, 2024 | $14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) to expense, net | 4136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs, net of recoveries | (2110) |
| Balance as of March 31, 2025 | $17020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) to expense, net | (3363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-offs, net of recoveries | (8639) |
| Balance as of March 31, 2026 | $5018 |

---

**Inventories**

Inventories consist primarily of finished goods. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight, duties, tariffs and other costs. In accordance with ASC Topic 330 "Inventory," the Company values its inventory at standard cost, which approximates the first-in, first-out method of cost determination. Net realizable value is estimated based upon assumptions made about future demand and retail market conditions. If the Company determines that the estimated net realizable value of its inventory is less than the carrying value of such inventory, it records a charge to cost of goods sold to reflect the lower of cost or net realizable value. If actual market conditions are less favorable than those projected by the Company, further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made.

**Property and Equipment**

In accordance with ASC Topic 360 "Property, Plant and Equipment," property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded within Selling, general and administrative expenses on the Consolidated Statements of Operations. The Company includes the cost associated with software customized for internal use within property and equipment on the Company's Consolidated Balance Sheets.

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Property and equipment is depreciated using the straight-line method over the estimated useful lives of the assets, as follows:

---

| | |
|:---|:---|
| | **Years** |
| Furniture, fixtures and displays, office equipment, software and plant equipment | 3 to 10 |
| Buildings and building improvements | 10 to 40 |
| Leasehold and tenant improvements | Shorter of the remaining lease term or related asset life |

---

The Company periodically reviews its assets' estimated useful lives based upon actual experience and expected future utilization. A change in useful life is treated as a change in accounting estimate and is applied prospectively.

The Company capitalizes the cost of interest for long-term property and equipment projects based on the Company's weighted average borrowing rates in place while the projects are in progress. Capitalized interest was $6.5 million as of March 31, 2026 (March 31, 2025: $7.0 million).

Upon retirement or disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in selling, general and administrative expenses for that period. Major additions and betterments are capitalized to the asset accounts while maintenance and repairs are expensed as incurred.

**Leases**

The Company enters into operating leases domestically and internationally for 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, excluding extensions at the Company's option, and include provisions for rental adjustments.

In accordance with ASC Topic 842 "Leases," the Company accounts for a contract as a lease when it has the right to direct the use of the asset for a period of time while obtaining substantially all of the asset's economic benefits. The Company determines the initial classification and measurement of its right-of-use ("ROU") assets and lease liabilities at the lease commencement date and thereafter if modified. ROU assets represent the Company's right to control the underlying assets under lease over the contractual term. ROU assets and lease liabilities are recognized on the Consolidated Balance Sheets based on the present value of future minimum lease payments to be made over the lease term. ROU assets and lease liabilities are established on the Company's Consolidated Balance Sheets for leases with an expected term greater than one year. ROU assets and lease liabilities are not recognized for leases with an expected term less than one year ("short-term lease") and the lease expense is recognized on a straight-line basis over the lease term.

As the rate implicit in a lease is not readily determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. The Company calculates the incremental borrowing rate based on the current market yield curve and adjusts for foreign currency impacts for international leases.

Fixed lease costs are included in the recognition of ROU assets and lease liabilities. Variable lease costs are not included in the measurement of the lease liability. Variable lease payments are recognized in the Consolidated Statements of Operations in the period in which the obligation for those payments is incurred. Variable lease costs primarily consist of lease payments dependent on sales in Brand and Factory House stores and other non-lease components payable to the lessor, including common area maintenance and real estate taxes. The Company has elected to combine lease and non-lease components in the determination of lease costs for its leases. The lease liability includes lease payments related to options to extend or renew the lease term only if the Company is reasonably certain to exercise those options.

**Long-Lived and Definite-Lived Intangible Assets** 

The Company continually evaluates long-lived assets and definite-lived intangible assets and whether events and circumstances have occurred that indicate the remaining estimated useful life of long-lived assets may warrant revision or that the remaining balance may not be recoverable. These factors may include a significant deterioration of operating results, changes in business plans, or changes in anticipated cash flows. When factors indicate that an asset should be evaluated for possible impairment, the Company reviews long-lived assets to

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assess recoverability from future operations using undiscounted cash flows. If future undiscounted cash flows are less than the carrying value, an impairment is recognized in earnings to the extent that the carrying value exceeds fair value.

During Fiscal 2026, the Company performed an impairment analysis on its long-lived assets, including retail stores at an individual store level, and determined that certain long-lived assets had net carrying values that exceeded their estimated undiscounted future cash flows. Accordingly, the Company estimated the fair values of these long-lived assets based on their discounted cash flows or market rent assessments and compared these estimated fair values to the net carrying values. The significant estimates used in the fair value methodology, which are based on Level 3 inputs, include expectations for future operations and projected cash flows, including net revenue, gross profit and operating expenses and market conditions, including estimated market rent. As a result, the Company recorded $2.1 million of long-lived asset impairment charges within selling, general and administrative expenses on the Consolidated Statements of Operations and as a reduction to the related asset balances on the Consolidated Balance Sheets. The long-lived asset impairment charges for Fiscal 2026 are included within the Company's operating segments as follows: $0.9 million recorded in North America and $1.2 million recorded in Asia-Pacific. Further, the Company recorded impairment charges of $18.7 million during Fiscal 2026 in connection with the 2025 restructuring plan, primarily relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California, which was recorded within restructuring charges on the Consolidated Statements of Operations. Refer to Note 11 to these Consolidated Financial Statements for additional details.

During Fiscal 2025, the Company recorded $8.8 million of long-lived asset impairment charges within selling, general and administrative expenses on the Consolidated Statements of Operations and as a reduction to the related asset balances on the Consolidated Balance Sheets. The long-lived asset impairment charges for Fiscal 2025 are included within the Company's operating segments as follows: $4.8 million recorded in North America, $2.7 million recorded in EMEA and $1.2 million recorded in Asia-Pacific. The Company also recognized an impairment charge of $28.4 million during Fiscal 2025 as a result of vacating its former global headquarters, which was recorded within selling, general and administrative expenses on the Consolidated Statements of Operations. Further, the Company recorded impairment charges of $8.6 million during Fiscal 2025 in connection with the 2025 restructuring plan, which was recorded within restructuring charges on the Consolidated Statements of Operations. Refer to Note 11 to these Consolidated Financial Statements for additional details.

During Fiscal 2024, the Company recorded $5.6 million of long-lived asset impairment charges within selling, general and administrative expenses on the Consolidated Statements of Operations and as a reduction to the related asset balances on the Consolidated Balance Sheets. The long-lived asset impairment charges for Fiscal 2024 are included within the Company's operating segments as follows: $3.6 million recorded in EMEA, $1.7 million recorded in North America and $0.3 million recorded in Asia-Pacific.

**Goodwill and Indefinite-Lived Intangible Assets**

Goodwill and indefinite-lived intangible assets are recorded at their estimated fair values at the date of acquisition and are allocated to the reporting units that are expected to receive the related benefits. The Company's reporting units generally align with its operating segments, however, North America consists of three reporting units, each of which qualifies as a component one level below the operating segment in accordance with ASC Topic 280 "Segment Reporting". Refer to Note 5 to these Consolidated Financial Statements for the allocation of goodwill by operating segment. Goodwill and indefinite-lived intangible assets are not amortized and, in accordance with ASC Topic 350 "Intangibles - Goodwill and Other," are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that it is more likely than not that the fair value is less than its carrying amount. If indicators of impairment exist, the Company first performs a recoverability test on its long-lived assets and definite-lived intangible assets within each reporting unit. If an impairment of a long-lived asset or definite-lived intangible asset is identified, the carrying value of the respective reporting unit is reduced prior to performing a goodwill impairment test. Refer to "long-lived asset and definite-lived intangible assets" above for additional details on the Company's annual recoverability assessment. The Company performs its annual impairment testing in the fourth quarter of each fiscal year.

In conducting an annual impairment test, the Company may review qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit or indefinite-lived intangible asset is less than its carrying amount, or it may choose to bypass the qualitative assessment and perform a quantitative impairment test.

When performing a qualitative assessment, the Company considers factors including, but not limited to, historical and expected future financial performance, macroeconomic conditions, industry trends and changes in the

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legal and regulatory environment. If these factors indicate that it is "more likely than not" that the carrying value of a reporting unit exceeds the fair value, the Company performs a quantitative impairment test.

When performing a quantitative impairment test, the Company compares the estimated fair value of the reporting unit or indefinite-live intangible asset with its carrying amount. If the carrying amount of a reporting unit or indefinite-lived intangible asset exceeds its fair value, the goodwill of the reporting unit or the indefinite-lived intangible asset is impaired to the extent that the carrying value exceeds the fair value.

The fair value of each reporting unit is estimated using the discounted cash flows model, under the income approach, which indicates the fair value of the reporting unit based on the present value of the cash flows that the Company expects the reporting unit to generate in the future. Key assumptions used in the discounted cash flow model include weighted average cost of capital, long-term growth rate and profitability of the reporting unit's business and working capital effects. The Company believes the key assumptions used in its annual impairment testing are reasonable. However, they involve estimates and require significant judgment, and therefore are inherently uncertain and subject to change in the future.

In Fiscal 2026, the Company performed a qualitative impairment assessment of its goodwill and concluded that there were no indications that the fair value of any reporting unit was more likely than not below its carrying value. Additionally, the Company continues to believe the fair value of each of its reporting units substantially exceeds its carrying value. Therefore, the Company did not proceed with a quantitative test and no goodwill impairments were recorded during Fiscal 2026.

In Fiscal 2025, the Company elected to bypass the qualitative assessment and performed a quantitative impairment test of its goodwill for all reporting units. The Company engaged a third party valuation specialist to assist with determining the fair value of its reporting units, which was estimated using a discounted cash flow model. Based on the results of the quantitative impairment test, the Company concluded that the estimated fair value of all reporting units substantially exceeded their carrying value and that no other potential events or circumstances were identified that indicated any reporting unit was a risk of impairment. Therefore, no goodwill impairments were recorded during Fiscal 2025.

The Company performed qualitative impairment assessment of its goodwill in Fiscal 2024 and concluded that it was more likely than not that the fair value of each reporting unit substantially exceeded its carrying value. Accordingly, the Company did not perform a quantitative impairment test and no goodwill impairments were recorded during Fiscal 2024.

No indefinite-lived intangible impairments were recorded during Fiscal 2026 or Fiscal 2025. During Fiscal 2024, the Company recorded an indefinite-lived intangible asset impairment charge of $0.6 million within selling, general and administrative expenses on the Consolidated Statements of Operations and as a reduction to the related asset balances on the Consolidated Balance Sheets. The indefinite lived intangible asset impairment charge for Fiscal 2024 is included within the Company's Latin America operating segment.

**Accrued Expenses**

Accrued expenses consisted of the following:

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| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2025** |
| Accrued compensation and benefits | $85982 | $108202 |
| Accrued marketing | 29269 | 49395 |
| Accrued royalties | 4626 | 6708 |
| Accrued taxes | 22558 | 26308 |
| Forward currency contract liabilities | 28109 | 7831 |
| Other | 160847 | 150303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Accrued Expenses | $331391 | $348747 |

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**Revenue Recognition**

The Company recognizes revenue in accordance with ASC Topic 606 "Revenue from Contracts with Customers." Net revenues primarily consist of net sales of apparel, footwear and accessories, and license revenues.

The Company recognizes revenue when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on

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when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. The amount of revenue recognized considers terms of sale that create variability in the amount of consideration that the Company ultimately expects to be entitled to in exchange for the products or services and is subject to an overall constraint that a significant revenue reversal will not occur in future periods. Sales taxes imposed on the Company's revenues from product sales are presented on a net basis on the Consolidated Statements of Operations, and therefore do not impact net revenues or costs of goods sold.

Revenue transactions associated with the sale of apparel, footwear, and accessories comprise a single performance obligation, which consists of the sale of products to customers either through wholesale or direct-to-consumer channels. The Company satisfies the performance obligation and records revenues when transfer of control has passed to the customer, based on the terms of sale. In the Company's wholesale channel, transfer of control is based upon shipment under free on board shipping point for most goods or upon receipt by the customer depending on the country of the sale and the agreement with the customer. The Company may also ship product directly from its supplier to wholesale customers and recognize revenue when the product is delivered to and accepted by the customer. In the Company's direct-to-consumer channel, transfer of control takes place at the point of sale for Brand and Factory House customers and upon shipment to substantially all e-commerce customers. Payment terms for wholesale transactions are established in accordance with local and industry practices. Payment is generally required within 30 to 60 days of shipment to or receipt by the wholesale customer in the United States, and generally within 60 to 90 days of shipment to or receipt by the wholesale customer internationally. From time to time, based on market circumstances, the Company does grant certain customers with longer than average payment terms. Payment is generally due at the time of sale for direct-to-consumer transactions.

*Gift cards*

Gift cards issued to customers by the Company are recorded as contract liabilities until they are redeemed, at which point revenue is recognized. The Company's process for estimating revenue recognized for gift card balances not expected to be redeemed ("breakage") is based on historical gift card redemption data. To the extent that it does not have a legal obligation to remit the value of such unredeemed gift cards to the relevant jurisdiction as unclaimed or abandoned property, the Company recognizes gift card breakage at that time when the likelihood of the gift card being redeemed is remote.

*Loyalty Program*

The Company offers customer loyalty programs in which customers earn points based on purchases and other promotional activities that can be redeemed for discounts on future purchases or other rewards. A contract liability is estimated based on the standalone selling price of benefits earned by customers through the programs and the related redemption experience under the programs, net of estimated breakage. The value of each point earned is recorded as contract liabilities and is included within other current liabilities on the Consolidated Balance Sheets.

*Licensing Arrangements*

Revenue from the Company's licensing arrangements is recognized over time during the period that licensees are provided access to the Company's trademarks and benefit from such access through their sales of licensed products. These arrangements require licensees to pay a sales-based royalty, which for most arrangements may be subject to a contractually guaranteed minimum royalty amount. Payments are generally due quarterly. The Company recognizes revenue for sales-based royalty arrangements (including those for which the royalty exceeds any contractually guaranteed minimum royalty amount) as licensed products are sold by the licensee. If a sales-based royalty is not ultimately expected to exceed a contractually guaranteed minimum royalty amount, the minimum is recognized as revenue over the contractual period if all other criteria of revenue recognition have been met. This sales-based output measure of progress and pattern of recognition best represents the value transferred to the licensee over the term of the arrangement, as well as the amount of consideration that the Company is entitled to receive in exchange for providing access to its trademarks.

*Customer returns, allowances, markdowns, and discounts*

The Company records reductions to revenue for estimated customer returns, allowances, markdowns, and discounts. The Company bases its estimates on historical rates of customer returns and allowances as well as the specific identification of outstanding returns, markdowns and allowances that have not yet been received by the Company. The actual amount of customer returns and allowances, which is inherently uncertain, may differ from the Company's estimates. If the Company determines that actual or expected returns or allowances are significantly higher or lower than the reserves it established, it would record a reduction or increase, as appropriate, to net sales in the period in which it makes such a determination. Provisions for customer specific discounts are based on

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negotiated arrangements with certain major customers. Reserves for returns, allowances, markdowns, and discounts are included within customer refund liability and the value of inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Consolidated Balance Sheets. At a minimum, the Company reviews and refines these estimates on a quarterly basis.

*Other Policy Elections*

The Company has made a policy election to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost rather than an additional promised service. Additionally, prior to the sale of the MapMyFitness digital platform during the second quarter of Fiscal 2025, the Company elected not to disclose certain information related to unsatisfied performance obligations for subscriptions to the platform, as they had an original expected length of one year or less.

**Shipping and Handling Costs**

Shipping and handling fees that are charged to customers based on contractual terms are recorded in net revenues. Freight costs associated with shipping goods to customers are recorded as a component of cost of goods sold. Additionally, outbound handling costs associated with preparing goods to ship to customers and certain costs to operate the Company's distribution facilities are recorded as a component of selling, general and administrative expenses. For Fiscal 2026, outbound handling costs totaled $77.5 million (Fiscal 2025: $78.0 million; Fiscal 2024: $79.8 million).

**Marketing and Advertising Costs**

Marketing and advertising costs are charged to selling, general and administrative expenses. Advertising production costs are expensed the first time an advertisement related to such production costs is run. Media placement costs are expensed in the month during which the advertisement appears, and costs related to event sponsorships are expensed when the event occurs. In addition, marketing and advertising costs include sponsorship expenses. Accounting for sponsorship payments is based upon specific contract provisions and the payments are generally expensed uniformly over the term of the contract after recording expense related to specific performance incentives once they are deemed probable. Marketing and advertising costs, including amortization of in-store marketing fixtures and displays, was $502.3 million for Fiscal 2026 (Fiscal 2025: $549.9 million; Fiscal 2024: $568.5 million). As of March 31, 2026, prepaid marketing and advertising costs were $14.6 million (March 31, 2025: $23.8 million).

**Income Taxes**

In accordance with ASC Topic 740 "Income Taxes," ("Topic 740") income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of the Company's assets and liabilities at tax rates expected to be in effect when such assets or liabilities are realized or settled. Deferred income tax assets are reduced by valuation allowances when necessary. The Company has made the policy election to record any liability associated with Global Intangible Low Tax Income ("GILTI") in the period in which it is incurred.

Income taxes include the largest amount of tax benefit for an uncertain tax position that is more likely than not to be sustained upon audit based on the technical merits of the tax position. Settlements with tax authorities, the expiration of statutes of limitations for particular tax positions or obtaining new information on particular tax positions may cause a change to the effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes line on the Consolidated Statements of Operations.

Topic 740 requires an evidence based approach when assessing the realizability of deferred tax assets and the need for valuation allowance reserves against those assets. Assessing whether deferred tax assets are realizable requires significant judgment. On a quarterly basis, the Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance when assessing the need for valuation allowances. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. Topic 740 requires that if the weight of negative evidence is greater than positive evidence, a valuation allowance should be established, which increases income tax expense in the period when such a determination is made.

As previously disclosed, the Company has been actively monitoring potential detrimental impacts to the realizability of its U.S. federal deferred tax assets, including continued pressure of tariffs and pressure from the current global trade environment on forecasted short-term U.S. profitability. During Fiscal 2026, the Company expanded the 2025 restructuring plan and incurred additional litigation reserve expense related to previously

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disclosed insurance carrier litigation. These recent developments have caused the negative evidence to outweigh the positive evidence, and therefore, in accordance with Topic 740, the Company has recorded valuation allowances on all U.S. federal deferred tax assets as of March 31, 2026.

As of March 31, 2026, for 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.

During the period ended March 31, 2026, the Company achieved three-year cumulative taxable earnings in China. As a result of this significant positive evidence, the Company has released the valuation allowances recorded against its deferred tax assets in China.

**Earnings Per Share**

Basic earnings per common share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Any stock-based compensation awards that are determined to be participating securities, which are stock-based compensation awards that entitle the holders to receive dividends prior to vesting, are included in the calculation of basic earnings per share using the two class method. Diluted earnings per common share is computed by dividing net income available to common stockholders for the period by the diluted weighted average common shares outstanding during the period. Diluted earnings per share reflects the potential dilution from common shares issuable through stock options, warrants, restricted stock units, other equity awards and, prior to their maturity, the Company's 1.50% convertible senior notes due 2024. Refer to Note 16 to these Consolidated Financial Statements for a further discussion of earnings per share.

**Business Combinations**

Business combinations are accounted for under the acquisition method, in accordance with ASC Topic 805 "Business Combinations," by assigning the purchase price to tangible and intangible assets acquired and liabilities assumed. Acquired goodwill is measured as the excess of consideration transferred over the net of the acquisition date fair value of assets acquired and liabilities assumed. During the measurement period, which is up to one year from the acquisition date, adjustments to the assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill.

**Equity Method Investment**

The Company holds common stock investments in certain entities which it has the ability to exercise significant influence but not control over. These investments are accounted for under the equity method. The Company records its allocable share of income or loss within income (loss) from equity method investment on the Consolidated Statements of Operations and as an adjustment to the invested balance within other long-term assets on the Consolidated Balance Sheets. Equity method investments are reviewed for impairment when events or circumstances indicate the investment may be other than temporarily impaired.

The following is a summary of the Company's equity method investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In November 2024, the Company invested $7.5 million in exchange for 29.5% common stock ownership in ISC Sport (ISC), an Australian custom teamwear company. For Fiscal 2026, the Company recorded its allocable share of ISC's net income of $0.2 million (Fiscal 2025: $0.2 million). As of March 31, 2026, the carrying value of the Company's investment in ISC was $7.2 million (March 31, 2025: $7.3 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has a common stock investment of 29.5% in its Japanese licensee. As of March 31, 2026 and 2025, there was no carrying value associated with this investment and therefore the Company did not record its allocable share of the Japanese licensee's net loss for Fiscal 2026 or Fiscal 2025. During Fiscal 2024, the Company recorded $(0.3) million of its allocable share of the Japanese licensee's net loss.

In connection with the license agreement with the Japanese licensee, the Company recorded license revenues of $26.3 million for Fiscal 2026 (Fiscal 2025: $26.4 million; Fiscal 2024: $34.8 million). As of March 31, 2026, the Company had $14.0 million in licensing receivables outstanding recorded in the prepaid expenses and other current assets line item within the Company's Consolidated Balance Sheets (March 31, 2025: $13.7 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* As part of the Company's acquisition of Triple Pte. Ltd., the Company assumed 49.5% of common stock ownership in UA Sports (Thailand) Co., Ltd. ("UA Sports Thailand"). For Fiscal 2026, the Company recorded its allocable share of UA Sports Thailand's net loss of $(0.4) million (Fiscal 2025: $0.4 million; Fiscal 2024:

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$0.3 million). As of March 31, 2026, the carrying value of the Company's investment in UA Sports Thailand was $5.2 million (March 31, 2025: $5.3 million).

**Stock-Based Compensation** 

The Company accounts for stock-based compensation in accordance with ASC Topic 718 "Compensation - Stock Compensation," which requires all stock-based compensation awards granted to be measured at fair value and recognized as an expense in the financial statements over the service period. Excess tax benefits related to stock-based compensation awards are reflected as operating cash flows. New shares of Class A Common Stock and Class C Common Stock are issued upon exercise of stock options, grant of restricted stock or share unit conversion. Refer to Note 12 to these Consolidated Financial Statements for further details on stock-based compensation.

The Company uses the Black-Scholes option-pricing model to estimate the fair market value of stock option awards. The "simplified method" is used to estimate the expected life of options, as permitted by accounting guidance. The "simplified method" calculates the expected life of a stock option 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. Compensation expense is recognized net of forfeitures on a straight-line basis over the total vesting period, which is the implied requisite service period.

The Company uses the Monte Carlo pricing model to estimate the fair value of performance-based awards with market conditions. Compensation expense for performance-based awards with market conditions is recorded on a straight-line basis over the vesting period.

The Company uses grant date fair value for other awards, including time-based award and performance-based awards with performance conditions. Compensation expense for time-based awards is recorded over the vesting period and performance-based awards with performance conditions is recorded over the implied requisite service period when achievement of the performance target is deemed probable.

**Fair Value of Financial Instruments**

The Company assesses fair value in accordance with ASC Topic 820 "Fair Value Measurement". 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. To determine fair value, the Company uses the fair value hierarchy, which establishes three levels based on the objectivity of the inputs as follows:

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| | |
|:---|:---|
| 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. |

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The carrying amounts shown for the Company's cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short term maturity of those instruments. The estimated fair value of the Company's long term debt is based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (level 2). The carrying value of amounts outstanding on the Company's revolving credit facility approximates fair value due to the variable nature of interest rates and current market rates available to the Company. The carrying value of the Company's restricted investments approximates its fair value based on the nature of the investment being a short-term fixed income security. The fair value of a foreign currency contract is based on the net difference between the U.S. dollars to be received or paid at the contract's settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current exchange rate. The fair value of an interest rate swap contract is based on the net difference between the fixed interest to be paid and variable interest to be received over the term of the contract based on current market rates.

**Derivatives and Hedging Activities**

The Company uses derivative financial instruments in the form of foreign currency and interest rate swap contracts to minimize the risk associated with foreign currency exchange rate and interest rate fluctuations. The Company accounts for derivative financial instruments in accordance with ASC Topic 815 "Derivatives and

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Hedging." This guidance establishes accounting and reporting standards for derivative financial instruments and requires all derivatives to be recognized as either assets or liabilities on the balance sheet and to be measured at fair value. Unrealized derivative gain positions are recorded as other current assets or other long term assets, and unrealized derivative loss positions are recorded as other current liabilities or other long term liabilities, depending on the derivative financial instrument's maturity date.

For contracts designated as cash flow hedges, changes in fair value are reported as other comprehensive income and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. One of the criteria for this accounting treatment is the notional value of these derivative contracts should not be in excess of specifically identified anticipated transactions. By their very nature, the Company's estimates of the anticipated transactions may fluctuate over time and may ultimately vary from actual transactions. When anticipated transaction estimates or actual transaction amounts decline below hedged levels, or if it is no longer probable a forecasted transaction will occur by the end of the originally specified time period or within an additional two-month period of time, the Company is required to reclassify the cumulative change in fair value of the over-hedged portion of the related hedge contract from other comprehensive income (loss) to other income (expense), net during the period in which the decrease occurs. The Company does not enter into derivative financial instruments for speculative or trading purposes.

**Foreign Currency Translation and Transactions**

The functional currency for each of the Company's wholly owned international subsidiaries is generally the applicable local currency. In accordance with ASC Topic 830 "Foreign Currency Matters," the translation of foreign currencies into U.S. dollars is performed for assets and liabilities using current foreign currency exchange rates in effect at the balance sheet date and for revenue and expense accounts using average foreign currency exchange rates during the period. Capital accounts are translated at historical foreign currency exchange rates. Translation gains and losses are included in stockholders' equity as a component of accumulated other comprehensive income. Adjustments that arise from foreign currency exchange rate changes on transactions, primarily driven by intercompany transactions, denominated in a currency other than the functional currency are included in other income (expense), net on the Consolidated Statements of Operations.

**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"). The following ASUs were recently adopted:

***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. The Company adopted ASU 2023-09 during Fiscal 2026 on a prospective basis. The adoption expanded the Company's disclosures but did not impact its consolidated financial statements. Refer to Note 15 to these Consolidated Financial Statements for additional details.

**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 consolidated financial statements and related disclosures.

***Hedge Accounting Improvements***

In November 2025, the FASB issued ASU 2025-09 "Derivatives and Hedging (Topic 815): Hedge Accounting Improvements" ("ASU 2025-09"), which includes amendments to more closely align hedge accounting with the economics of an entity's risk management activities. ASU 2025-09 is effective for annual periods beginning after December 15, 2026, 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.

***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

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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 provides a practical expedient for the application of the current expected credit loss ("CECL") model to current accounts receivable and contract assets. The Company adopted ASU 2025-05 effective April 1, 2026 on a prospective basis. The adoption is not expected to have a material impact on the Company's 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.

**NOTE 3. PROPERTY AND EQUIPMENT**<br>

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Leasehold and tenant improvements | $430441 | $457419 |
| Furniture, fixtures and displays | 187291 | 307258 |
| Buildings and building improvements | 271638 | 271888 |
| Software | 251707 | 282478 |
| Office equipment | 128347 | 141684 |
| Plant equipment | 148828 | 190169 |
| Land | 74460 | 74460 |
| Construction in progress <sup>(1)</sup> | 18750 | 24176 |
| Other | 13513 | 19391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal property and equipment | 1524975 | 1768923 |
| Accumulated depreciation | (926022) | (1123776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $598953 | $645147 |

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<sup>(1)</sup> 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 Fiscal 2026 was $108.4 million (Fiscal 2025: $134.3 million; Fiscal 2024: $136.6 million).

**NOTE 4. LEASES**<br>

The Company enters into operating leases domestically and internationally for 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 Consolidated Statements of Operations within (i) selling, general and administrative expenses, (ii) restructuring charges, for certain operating and variable lease costs relating to

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restructured facilities; and (iii) other income (expense), for certain operating and variable lease costs relating to lease assets held for sublet purposes and other non-operational facilities. The following table presents total operating and variable lease costs for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| Operating lease costs | $152208 | $162125 | $151035 |
| Variable lease costs | $84295 | $89964 | $82389 |

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The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for Fiscal 2026 was $11.4 million (Fiscal 2025: $9.4 million). Sublease income for Fiscal 2024 was not material.

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

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Weighted average remaining lease term (in years) | 6.38 | 7.13 |
| Weighted average discount rate | 4.85% | 4.88% |

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**Supplemental Cash Flow Information**

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

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| Operating cash outflows from operating leases | $181155 | $183862 | $180319 |
| Leased assets obtained in exchange for new operating lease liabilities | $136587 | $78544 | $57962 |

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**Maturity of Lease Liabilities**

The following table presents the future minimum lease payments under the Company's operating lease liabilities as of March 31, 2026:

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| | |
|:---|:---|
| **Fiscal year ending March 31,** | **Fiscal year ending March 31,** |
| 2027 | $183467 |
| 2028 | 164022 |
| 2029 | 123348 |
| 2030 | 97116 |
| 2031 | 68016 |
| 2032 and thereafter | 227701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | $863670 |
| Less: Interest | 114481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total present value of lease liabilities | $749189 |

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As of March 31, 2026, the Company has additional operating lease obligations that have not yet commenced of approximately $17.0 million, which are not reflected in the table above. During Fiscal 2026, 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.

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**NOTE 5. GOODWILL**<br>

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **North America** | **EMEA** | **Asia-Pacific** | **Total** |
| Balance as of March 31, 2024 | $301371 | $101958 | $74973 | $478302 |
| Purchase of UNLESS COLLECTIVE, Inc | 8116 |  |  | 8116 |
| Effect of currency translation adjustment |  | 1097 | 117 | 1214 |
| Balance as of March 31, 2025 | 309487 | 103055 | 75090 | 487632 |
| Effect of currency translation adjustment |  | 4146 | 990 | 5136 |
| Balance as of March 31, 2026 | $309487 | $107201 | $76080 | $492768 |

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**NOTE 6. SUPPLY CHAIN FINANCE PROGRAM**<br>

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 on the Consolidated Balance Sheets and within operating activities on the Consolidated Statement of Cash Flows. The following table illustrates the activity and the outstanding payment obligations under the Company's program.

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| | |
|:---|:---|
| | **Total Payment Obligations** |
| Balance as of March 31, 2024 | $159381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invoices confirmed during the period | 939443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confirmed invoices paid during the period | (955043) |
| Balance as of March 31, 2025 | $143781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invoices confirmed during the period | 971200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confirmed invoices paid during the period | (961886) |
| Balance as of March 31, 2026 | $153095 |

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**NOTE 7. CREDIT FACILITY AND OTHER LONG-TERM DEBT**<br>

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Credit Facility | $200000 | $— |
| 3.25% Senior Notes due 2026 | 600000 | 600000 |
| 7.25% Senior Notes due 2030 | 400000 |  |
| &nbsp;&nbsp;Total principal payments due | 1200000 | 600000 |
| Unamortized debt discount on Senior Notes due 2026 | (53) | (307) |
| Unamortized debt issuance costs - Credit facility | (4435) | (3917) |
| Unamortized debt issuance costs - Senior Notes due 2026 | (112) | (651) |
| Unamortized debt issuance costs - Senior Notes due 2030 | (4956) |  |
| &nbsp;&nbsp;Total amount outstanding | 1190444 | 595125 |
| Less: |  |  |
| Current portion of long-term debt: |  |  |
| 3.25% Senior Notes due 2026 | 600000 |  |
| Unamortized debt discount on Senior Notes due 2026 | (53) |  |
| Unamortized debt issuance costs - Senior Notes due 2026 | (112) |  |
| &nbsp;&nbsp;Total current portion of long-term debt | 599835 |  |
| Non-current portion of long-term debt | $590609 | $595125 |

---

**Credit Facility**

In March 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 Fiscal 2026, the Company borrowed $490 million and made repayments of $290 million under the revolving credit facility. As of March 31, 2026, $200 million remained outstanding at a weighted average interest rate of 4.83%. No amounts were 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 2.50 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 March 31, 2026, $45.5 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 1.00 (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 1.00, 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 March 31, 2026.

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 March 31, 2026, 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.

In August 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 ASC Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 remain on the Company's Consolidated Balance Sheets as of March 31, 2026 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 Consolidated Balance Sheets as of March 31, 2026.

**7.25% Senior Notes**

In June 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 arrears on January 15 and July 15 beginning on January 15, 2026. The Company may redeem some or all of the

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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, including the Company's ability to create or incur certain liens and engage in sale leaseback transactions, and are subject to material exceptions described in the indenture governing the Senior Notes due 2030. The Company's debt securities further include provisions which may require us to repurchase our debt securities at a premium upon certain change of control events.

The Company incurred and deferred $5.8 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, including defeased debt, was $52.9 million for Fiscal 2026 (Fiscal 2025: $24.6 million; Fiscal 2024: $22.8 million).

**Maturity of Long-Term Debt**

The following are the scheduled maturities of long-term debt as of March 31, 2026:

---

| | |
|:---|:---|
| **Fiscal year ending March 31,** | **Fiscal year ending March 31,** |
| 2027 | $600000 |
| 2028 |  |
| 2029 |  |
| 2030 |  |
| 2031 | 600000 |
| 2032 and thereafter |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total scheduled maturities of long-term debt | $1200000 |

---

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**<br>

**Sports Marketing and Other Commitments**

Within the normal course of business, the Company enters into contractual commitments in order to promote the Company's brand and products. These commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels, athletic event sponsorships and other marketing commitments. The following is a schedule of the Company's future minimum payments under its sponsorship and other marketing agreements as of March 31, 2026:

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| | |
|:---|:---|
| **Fiscal year ending March 31,** | **Fiscal year ending March 31,** |
| 2027 | $65584 |
| 2028 | 49893 |
| 2029 | 41611 |
| 2030 | 32321 |
| 2031 | 26638 |
| 2032 and thereafter | 32750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total future minimum sponsorship and other payments | $248797 |

---

The amounts listed above are the minimum compensation obligations and guaranteed royalty fees required to be paid under the Company's sponsorship and other marketing agreements. The amounts listed above do not include additional performance incentives and product supply obligations provided under the agreements. It is not possible to determine how much the Company will spend on product supply obligations on an annual basis as

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contracts generally do not stipulate specific cash amounts to be spent on products. The amount of product provided to the sponsorships depends on many factors including general playing conditions, the number of sporting events in which they participate and the Company's decisions regarding product and marketing initiatives. In addition, the costs to design, develop, source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers.

**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.

**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 Topic 450.

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 below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business.

In connection with previously disclosed and now concluded matters, including a consolidated securities class action (the "Consolidated Securities Action"), shareholder derivative lawsuits and 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 January 20, 2026, the U.S. Court of Appeals for the Fourth Circuit issued a decision requiring the Company to repay $90 million of insurance proceeds previously funded by the insurance carriers for the settlement amount and defense costs from the Consolidated Securities Action. The Company filed a petition for rehearing, which was denied. The case has been remanded to the U.S. District Court for the District of Maryland for further proceedings, including ruling on the insurance carriers' claim for prejudgment interest on the $90 million of insurance proceeds. During Fiscal 2026, the Company recorded an accrual of $98.5 million in respect of these legal proceeding contingencies within accrued expenses on the Consolidated Balance Sheets, of which $90 million was paid during the same period. Briefing on the issue of prejudgment interest commenced on May 8, 2026 and is scheduled to conclude on May 27, 2026. The timing of resolution is unknown and the amount of loss ultimately incurred may be different than the amount accrued.

On February 20, 2026, the U.S. Supreme Court issued a ruling, which invalidated certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The U.S. Supreme Court ruling did not address refunds, creating uncertainty regarding the potential recovery of tariffs previously paid under IEEPA. As of March 31, 2026, the Company has not recognized an asset related to any potential refunds. However, during

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Fiscal 2026, the Company recognized approximately $70 million of expense relating to these tariffs within cost of goods sold on the Consolidated Statement of Operations.

In April 2026, the IEEPA refund process was launched and as a result the Company has started evaluating and, where appropriate, pursuing potential reimbursement of certain IEEPA tariffs previously paid. The timing and amount of recovery ultimately received remain uncertain and are dependent on regulatory and administrative processes outside our control. The Company will continue to evaluate as new information becomes available.

**NOTE 9. STOCKHOLDERS' EQUITY**<br>

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 March 31, 2026. 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 March 31, 2026. 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.

**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 Fiscal 2026, 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.

During Fiscal 2025, under the above authorization, the Company repurchased $90 million of Class C Common Stock through accelerated share repurchase transactions and received a total of 12.8 million shares, which were immediately retired. As a result, $91.2 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.

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As of the date of this Annual Report on Form 10-K, 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.

During Fiscal 2024, under the Company's previously approved $500 million share repurchase program which was completed in December 2023, the Company repurchased $75 million of Class C Common Stock and received 10.7 million shares, which were immediately retired. As a result, $74.8 million was recorded to retained earnings during Fiscal 2024 to reflect the difference between the market price of the Class C Common Stock repurchased and its par value.

**NOTE 10. REVENUES**<br>

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

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| ***Net revenues by product category:*** |  |  |  |
| &nbsp;&nbsp;Apparel | $3395053 | $3451414 | $3789016 |
| &nbsp;&nbsp;Footwear | 1076383 | 1206202 | 1383610 |
| &nbsp;&nbsp;Accessories | 414466 | 410860 | 405715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 4885902 | 5068476 | 5578341 |
| &nbsp;&nbsp;License revenues | 107353 | 94590 | 111241 |
| &nbsp;&nbsp;Corporate Other | (26885) | 1244 | 12297 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Total net revenues* | $4966370 | $5164310 | $5701879 |

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| | | | |
|:---|:---|:---|:---|
| ***Net revenues by distribution channel:*** | | | |
| &nbsp;&nbsp;Wholesale | $2831787 | $2978869 | $3243187 |
| &nbsp;&nbsp;Direct-to-consumer | 2054115 | 2089607 | 2335154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Net Sales* | 4885902 | 5068476 | 5578341 |
| &nbsp;&nbsp;License revenues | 107353 | 94590 | 111241 |
| &nbsp;&nbsp;Corporate Other | (26885) | 1244 | 12297 |
| &nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;Total net revenues* | $4966370 | $5164310 | $5701879 |

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In accordance with ASC Topic 606 "Revenue from Contracts with Customers", the Company recognizes revenue when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services.

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 Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| Customer refund liability | $126097 | $146021 |
| Inventory associated with reserves for sales returns | $28537 | $33609 |

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**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

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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 Consolidated Balance Sheets.

The following table summarizes the change in the contract liabilities balance during the periods presented, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.

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| | |
|:---|:---|
| | **Total Contract Liabilities** |
| Balance as of March 31, 2024 | $26322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues deferred | 69176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues recognized <sup>(1)(3)</sup> | (58971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other | (2185) |
| Balance as of March 31, 2025 | $34342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues deferred | 77450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues recognized <sup>(2)(3)</sup> | (82114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other | (930) |
| Balance as of March 31, 2026 | $28748 |

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<sup>(1)</sup> Includes approximately $8.3 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2024.

<sup>(2)</sup> Includes approximately $13.4 million of revenue from gift cards, including breakage, that were previously included in contract liabilities as of March 31, 2025.

<sup>(3)</sup> 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**<br>

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. On May 11, 2026, the Company's Board of Directors approved an increase of up to $50 million of additional charges, resulting in a total restructuring plan of approximately $305 million, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $139 million in cash charges, including approximately $46 million in employee severance and benefits costs and $93 million related to various transformational initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $166 million in non-cash charges, including approximately $7 million in employee severance and benefits costs, and $159 million in contract terminations, facility, software, and other asset-related charges and impairments.

As of March 31, 2026, the Company has recorded $260.7 million of restructuring and related charges under the 2025 restructuring plan. The 2025 restructuring plan is now expected to be substantially complete by December 31, 2026.

Restructuring and related charges are excluded from the Company's segment profitability measures. The Company reports restructuring and related charges within Corporate Other, which is designed to provide increased transparency and comparability of operating segments' performance.

For Fiscal 2026, the restructuring and related charges included $152.6 million relating to North America, $10.4 million relating to Asia-Pacific, $6.4 million relating to EMEA and $2.1 million relating to Latin America.

For Fiscal 2025, the restructuring and related charges included $75.9 million relating to North America, $12.1 million relating to EMEA, and $6.4 million relating to Asia-Pacific. These charges were offset by a net gain of $5.3 million from the sale of the MapMyFitness platform, relating to the Corporate Other non-operating segment.

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The following table summarizes the costs recorded during the periods indicated in connection with the 2025 restructuring plan:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Estimated Restructuring and <br>Related Charges** | **Estimated Restructuring and <br>Related Charges** |
| | **2026** | **2025** | **Remaining to be incurred** | **Total to be incurred** |
| ***Costs recorded in cost of goods sold:*** |  |  |  |  |
| &nbsp;&nbsp;Inventory-related costs<sup>(1)</sup> | $13193 | $— |  |  |
| Total costs recorded in cost of goods sold | $13193 | $— | $— | $13193 |
| ***Costs recorded in restructuring charges:*** |  |  |  |  |
| &nbsp;&nbsp;Employee-related costs | $9081 | $14767 |  |  |
| &nbsp;&nbsp;Facility-related costs<sup>(2)</sup> | 35938 | 25495 |  |  |
| &nbsp;&nbsp;Other restructuring costs<sup>(3)</sup> | 82700 | 17707 |  |  |
| Total costs recorded in restructuring charges | $127719 | $57969 | $34045 | $219733 |
| ***Costs recorded in selling, general and administrative expenses:*** |  |  |  |  |
| &nbsp;&nbsp;Employee-related costs | $5639 | $9460 |  |  |
| &nbsp;&nbsp;Other transformation initiatives | 24956 | 21733 |  |  |
| Total costs recorded in selling, general and administrative expenses | $30595 | $31193 | $10286 | $72074 |
| Total restructuring and related charges | $171507 | $89162 | $44331 | $305000 |

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<sup>(1)</sup> Inventory-related costs for Fiscal 2026 include non-cash inventory reserves relating to the separation of the Curry Brand.

<sup>(2)</sup> Facility-related costs for Fiscal 2026 include an impairment charge of $15.9 million relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California.

<sup>(3)</sup> Other restructuring costs for Fiscal 2026 include $69.7 million of non-cash contract termination costs, primarily relating to the separation of the Curry Brand.

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 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 Fiscal 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Employee-Related Costs** | **Facility-Related Costs** | **Other Restructuring Related Costs** | **Total** |
| Balance as of March 31, 2025 | $3935 | $712 | $10698 | $15345 |
| Net additions (recoveries) charged to expense <sup>(1)</sup> | 9081 | 6493 | 12892 | 28466 |
| Cash payments | (12284) | (6652) | (21670) | (40606) |
| Foreign exchange and other | (11) | (2) | (34) | (47) |
| Balance as of March 31, 2026 | $721 | $551 | $1886 | $3158 |

---

<sup>(1)</sup> Amounts exclude $29.4 million of non-cash facility-related charges and $83.0 million of non-cash other restructuring-related charges recorded during Fiscal 2026.

**NOTE 12. STOCK-BASED COMPENSATION**<br>

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

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of March 31, 2026, 8.4 million Class A shares and 19.5 million Class C shares are available for future grants of awards under the 2005 Plan.

**Awards Granted to Employees and Non-Employee Directors**

Total stock-based compensation expense associated with awards granted to employees and non-employee directors for Fiscal 2026 was $41.7 million (Fiscal 2025: $46.8 million; Fiscal 2024: $36.9 million). The related tax benefits, excluding consideration of valuation allowances, were $7.2 million for Fiscal 2026 (Fiscal 2025: $8.0 million; Fiscal 2024: $6.6 million). The valuation allowances associated with these benefits were $7.2 million for Fiscal 2026 (Fiscal 2025: $1.4 million; Fiscal 2024: $1.2 million). As of March 31, 2026, the Company had $61.2 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.01 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 March 31, 2026. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards.

***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 1.2 million deferred stock units outstanding as of March 31, 2026.

***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 March 31, 2026, the Company had 2.7 million Class A shares and 1.7 million Class C shares available for future purchases under the ESPPs. During Fiscal 2026, 0.5 million Class C shares were purchased under the ESPPs (Fiscal 2025: 0.4 million; Fiscal 2024: 0.5 million).

**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 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 Fiscal 2026 was $4.2 million (Fiscal 2025: $7.4 million; Fiscal 2024: $8.9 million). As of March 31, 2026, the Company had $1.2 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 1.36 years.

During Fiscal 2026, the Company modified certain equity-classified restricted stock unit awards to allow settlement in cash. As a result, $7.1 million, which represented the fair value of the restricted stock units, was reclassified from additional paid in capital to current liabilities and was settled in cash during the period.

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**Summary by Award Classification:**

***Stock Options***

A summary of the Company's stock options activity for Fiscal 2026 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Stock**<br>**Options** | **Weighted Average**<br>**Exercise**<br>**Price** | **Weighted Average**<br>**Remaining Contractual**<br>**Life (Years)** | **Total Intrinsic**<br>**Value** |
| Outstanding as of March 31, 2025 | 1356 | $16.68 | 3.31 | $— |
| Granted, at fair market value | 1220 | 6.88 | 9.78 |  |
| Exercised |  |  |  |  |
| Forfeited or expired |  |  |  |  |
| Outstanding as of March 31, 2026 | 2576 | $12.04 | 5.84 | $— |
| Exercisable as of March 31, 2026 | 1356 | $16.68 | 2.31 | $— |

---

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 Fiscal 2025.

---

| | |
|:---|:---|
| | **Fiscal 2026** |
| Weighted-average fair value of options granted | $3.70 |
| *Weighted-average assumptions used:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected volatility | 52.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected dividend yield | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected life | 6.03 years |
| &nbsp;&nbsp;&nbsp;&nbsp;Risk-free rate | 3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise price | $6.88 |

---

***Restricted Stock and Restricted Stock Unit Awards***

A summary of the Company's restricted stock and restricted stock unit awards activity for Fiscal 2026 is presented below:

---

| | | |
|:---|:---|:---|
| | **Number of** <br>**Restricted Shares** | **Weighted Average**<br>**Grant Date Fair Value** |
| Outstanding as of March 31, 2025 | 22976 | $7.58 |
| Granted | 9619 | 6.09 |
| Forfeited<sup>(1)</sup> | (9255) | 8.19 |
| Vested | (6410) | 8.30 |
| Outstanding as of March 31, 2026 | 16930 | $6.50 |

---

<sup>(1)</sup> 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 March 31, 2026 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 2026. 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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.6 million performance-based restricted stock units, granted during Fiscal 2025, with a weighted average fair value of $6.86. The financial performance conditions, which included certain Fiscal 2025 annual revenue and operating income targets, were achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 0.8 million performance-based restricted stock units, granted during Fiscal 2024, with a weighted average fair value of $6.94. These awards have financial performance conditions with vesting that is tied to the achievement of certain revenue and operating income targets. As of March 31, 2026, 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 Fiscal 2026.

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**<br>

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Level 1** | **Level 2** | **Level 3** |
| Derivative foreign currency contracts (Note 14) | $— | $(10692) | $— | $— | $192 | $— |
| Deferred Compensation Plan obligations | $— | $(17510) | $— | $— | $(16830) | $— |
| TOLI policies held by the Rabbi Trust | $— | $10128 | $— | $— | $8726 | $— |

---

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 contract's settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate.

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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 deferral for each year. The Deferred Compensation Plan obligations are included in other long-term liabilities on the 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 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 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. The Company recorded $13.9 million of interest income relating to these investments during Fiscal 2026. As of March 31, 2026, the carrying value was $605.4 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 Consolidated Balance Sheets, was $10.8 million as of March 31, 2026.

**Fair value of Long-Term Debt**

The estimated fair value of the Company's long-term debt is based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). As of March 31, 2026, the estimated fair value of the Company's Senior Notes was $1,002.6 million (March 31, 2025: $583.9 million). The carrying value of amounts outstanding on the Company's revolving credit facility approximates fair value due to the variable nature of interest rates and current market rates available to the Company.

**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**<br>

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.

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The Company's foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of March 31, 2026, the Company has hedge instruments primarily for British Pound/U.S. Dollar, Euro/U.S. Dollar, U.S. Dollar/Chinese Renminbi, U.S. Dollar/Mexican Peso, U.S. Dollar/Canadian Dollar, U.S. Dollar/Japanese Yen, and U.S. Dollar/South Korean Won currency pairs.

All derivatives are recognized on the 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 Consolidated Balance Sheets. Refer to Note 13 to these Consolidated Financial Statements for a discussion of the fair value measurements.

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| **Derivatives designated as hedging instruments** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | $11120 | $13137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 7239 | 507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets designated as hedging instruments | $18359 | $13644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | $27947 | $6359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 2378 | 5581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities designated as hedging instruments | $30325 | $11940 |
| **Derivatives not designated as hedging instruments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets, net | $1436 | $78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative assets not designated as hedging instruments | $1436 | $78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | $162 | $1590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative liabilities not designated as hedging instruments | $162 | $1590 |

---

The following table presents the amounts included on the 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** | **2024** | **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** |
| Net revenues | $4966370 | $(24251) | $5164310 | $(1354) | $5701879 | $7652 |
| Cost of goods sold | 2707512 | 7606 | 2689566 | 1222 | 3071626 | (4355) |
| Interest income (expense), net | (30288) | (37) | (6115) | (36) | 268 | (36) |
| Other income (expense), net | (7276) |  | (13431) |  | 32055 |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **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>March 31, 2026** |
| Foreign currency contracts | $7081 | $(40096) | $(16645) | $(16370) |
| Interest rate swaps | (386) |  | (37) | (349) |
| Total designated as cash flow hedges | $6695 | $(40096) | $(16682) | $(16719) |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance as of 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 March 31, 2025** |
| Foreign currency contracts | $(10645) | $17594 | $(132) | $7081 |
| Interest rate swaps | (422) |  | (36) | (386) |
| Total designated as cash flow hedges | $(11067) | $17594 | $(168) | $6695 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance as of March 31, 2023** | **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 March 31, 2024** |
| Foreign currency contracts | $(4764) | $(2584) | $3297 | $(10645) |
| Interest rate swaps | (458) |  | (36) | (422) |
| Total designated as cash flow hedges | $(5222) | $(2584) | $3261 | $(11067) |

---

The following table presents the amounts included on the 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** | **2024** | **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** |
| Other income (expense), net | $(7276) | $3280 | $(13431) | $1134 | $32055 | $355 |

---

**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 March 31, 2026, the aggregate notional value of the Company's outstanding cash flow hedges was $1,450.4 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 to these 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 on the 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 Consolidated Balance Sheets. Undesignated instruments are recorded at fair value as a derivative asset or liability on the 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

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sheet position. As of March 31, 2026, the total notional value of the Company's outstanding undesignated derivative instruments was $400.3 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** 

Income (loss) before income taxes is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| Income (loss) before income taxes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $(366906) | $(396542) | $(17201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign | 166230 | 191780 | 279275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(200676) | $(204762) | $262074 |

---

The components of the income tax expense (benefit) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| **Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $5551 | $15267 | $19909 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 2629 | 1665 | 4062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 43208 | 41972 | 29728 |
|  | 51388 | 58904 | 53699 |
| **Deferred** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | 250373 | (52055) | (22361) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 185 | (952) | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | (7194) | (8787) | (1422) |
|  | 243364 | (61794) | (23693) |
| Income tax expense (benefit) | $294752 | $(2890) | $30006 |

---

Cash paid for income taxes, net of refunds received, by jurisdiction is as follows:

---

| | |
|:---|:---|
| | **Year Ended <br>March 31, 2026** |
| Federal | $(11196) |
| State | 1356 |
| Foreign |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 16877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 10119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 6836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp;China | 3250 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 5549 |
| Cash paid for income taxes, net of refunds received | $41870 |

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A reconciliation of the U.S. statutory federal income tax rate to the effective income tax rate, reflecting the adoption of ASU 2023-09, is as follows:

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| | | |
|:---|:---|:---|
| | **Year Ended <br>March 31, 2026** | **Year Ended <br>March 31, 2026** |
| U.S. federal statutory income tax rate | (42142) | 21.0% |
| State and local taxes, net of federal tax impact<sup>(1)</sup>  | 2088 | (1.0)% |
| Foreign tax effects |  |  |
| &nbsp;&nbsp;Hong Kong |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate differential | (5206) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income excluded from Hong Kong base | (6617) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 3647 | (1.8)% |
| &nbsp;&nbsp;China |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | (22647) | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax adjustments | 5013 | (2.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2551 | (1.3)% |
| &nbsp;&nbsp;Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes | 4174 | (2.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 594 | (0.3)% |
| &nbsp;&nbsp;Cyprus |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation allowances | 16377 | (8.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax adjustments | (7140) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (258) | 0.1% |
| &nbsp;&nbsp;Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory tax rate differential | (2377) | 1.2% |
| &nbsp;&nbsp;Netherlands | 3262 | (1.6)% |
| &nbsp;&nbsp;Other foreign jurisdictions | 3323 | (1.7)% |
| Effect of cross-border tax laws |  |  |
| &nbsp;&nbsp;U.S. GILTI Inclusion, net of foreign tax credits | (23514) | 11.7% |
| &nbsp;&nbsp;Foreign tax credits on withholding taxes | (3992) | 2.0% |
| Tax credits |  |  |
| &nbsp;&nbsp;Federal R&D tax credit | (3668) | 1.8% |
| &nbsp;&nbsp;Federal Energy tax credits | (5553) | 2.8% |
| Changes in valuation allowances | 355520 | (177.2)% |
| Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;Executive Compensation | 3346 | (1.7)% |
| &nbsp;&nbsp;Other | 3230 | (1.6)% |
| Changes in unrecognized tax benefits | 14691 | (7.3)% |
| Other adjustments | 50 | —% |
| Effective income tax rate | $294752 | (146.9)% |

---

<sup>(1)</sup> State taxes in Texas, Maryland and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category.

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

The following table provides the corresponding rate reconciliation information for periods prior to the adoption of ASU 2023-09 and is provided for comparative purposes only.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year Ended March 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| U.S. federal statutory income tax rate | $(43000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $55036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| State taxes, net of federal tax impact | (17156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 3342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Effect of foreign earnings | 7772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.8)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | (10975) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.2)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| U.S. GILTI Inclusion | 28164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.8)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 6041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Permanent tax (benefits)/nondeductible expenses | (3422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | (11623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.4)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Unrecognized tax benefits | 14138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.9)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 7781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| International intangible asset |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | (113688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43.6)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Valuation allowance | 17175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.4)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | 102669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.2 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Federal R&D credit | (3000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | (3000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.1)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Other | (3561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | (5577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.1)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |
| Effective income tax rate | $(2890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% | $30006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% |

---

For Fiscal 2026, the Company recorded an income tax expense of $294.8 million compared to an income tax benefit of $2.9 million for Fiscal 2025, and income tax expense of $30.0 million for Fiscal 2024.

In Fiscal 2026, the Company recorded income tax expense related to valuation allowances against previously recognized U.S. federal deferred tax assets and against fiscal year losses incurred in the United States and Cyprus, which was partially offset by the release of valuation allowances against China deferred tax assets and a United States federal provision to return benefit resulting from an approved IRS method change.

In Fiscal 2025, the Company recorded an income tax benefit related to pre-tax losses, which was offset by the impact of the U.S. GILTI inclusion and valuation allowances on U.S. state tax benefits derived from those losses. In Fiscal 2024, the Company recorded an income tax benefit for the recognition of a deferred tax asset related to an international intangible asset with an associated valuation allowance.

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

Deferred tax assets and liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2025** |
| **Deferred tax assets** | | |
| &nbsp;&nbsp;Operating lease liabilities | $166847 | $170221 |
| &nbsp;&nbsp;Property and equipment | 166738 | 30270 |
| &nbsp;&nbsp;Intangible assets | 153088 | 125186 |
| &nbsp;&nbsp;Capitalized research expenditures | 67140 | 65872 |
| &nbsp;&nbsp;Inventory | 56306 | 28629 |
| &nbsp;&nbsp;Foreign net operating loss carry-forwards | 54047 | 37377 |
| &nbsp;&nbsp;Reserves and accrued liabilities | 36253 | 45715 |
| &nbsp;&nbsp;U.S. federal and state net operating loss | 26724 | 68155 |
| &nbsp;&nbsp;U.S. federal and state tax credits | 12815 | 8050 |
| &nbsp;&nbsp;Foreign tax credits | 10554 | 6493 |
| &nbsp;&nbsp;Allowance for doubtful accounts and sales return reserves | 10541 | 13063 |
| &nbsp;&nbsp;Stock-based compensation | 9784 | 13312 |
| &nbsp;&nbsp;Foreign currency derivatives | 9321 | 4429 |
| &nbsp;&nbsp;Deductions limited by income | 1329 | 16273 |
| &nbsp;&nbsp;U.S. federal and state capital loss |  | 32652 |
| &nbsp;&nbsp;Other | 5478 | 5171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 786965 | 670868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: valuation allowance | (644390) | (292362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net deferred tax assets | $142575 | $378506 |
| **Deferred tax liabilities** |  |  |
| &nbsp;&nbsp;Right-of-use asset | $(87616) | $(90424) |
| &nbsp;&nbsp;Prepaid expenses | (1307) | (1455) |
| &nbsp;&nbsp;Other | (2034) | (1189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (90957) | (93068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets, net | $51618 | $285438 |

---

All deferred tax assets and liabilities are classified as non-current on the Consolidated Balance Sheets as of March 31, 2026 and March 31, 2025. Topic 740 requires an evidence based approach when assessing the realizability of deferred tax assets and the need for valuation allowance reserves against those assets. Assessing whether deferred tax assets are realizable requires significant judgment. On a quarterly basis, the Company considers all available positive and negative evidence, including historical operating performance and expectations of future operating performance when assessing the need for a valuation allowance. The ultimate realization of deferred tax assets is often dependent upon future taxable income and therefore can be uncertain. Topic 740 requires that if the weight of negative evidence is greater than positive evidence, a valuation allowance should be established, which increases income tax expense in the period when such a determination is made.

As previously disclosed, the Company has been actively monitoring potential detrimental impacts to the realizability of its U.S. federal deferred tax assets, including continued pressure of tariffs and pressure from the current global trade environment on forecasted short-term U.S. profitability. During Fiscal 2026, the Company expanded the 2025 restructuring plan and incurred additional litigation reserve expense related to the previously disclosed insurance carrier litigation described in Note 8. These recent developments have caused the negative evidence to outweigh the positive evidence, and therefore, in accordance with Topic 740, the Company has recorded valuation allowances on all U.S. federal deferred tax assets as of March 31, 2026.

As of March 31, 2026, for the majority of the U.S. states and certain foreign taxing jurisdictions, the weight of the negative evidence continues to outweigh the positive evidence regarding the realization of these deferred tax assets and the Company has maintained valuation allowances against these assets.

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

As of March 31, 2026, the Company achieved three-year cumulative taxable earnings in China. As a result of this significant positive evidence, the Company has released the valuation allowances recorded against its deferred tax assets in China.

As of March 31, 2026, the Company had $26.7 million in net deferred tax assets associated with $383.6 million in U.S. federal and state net operating loss carryforwards and $12.8 million in net deferred tax assets associated with U.S. federal and state tax credits. Certain definite lived state net operating losses and state tax credits will begin to expire within five to twenty years. The Company previously had U.S. federal and state capital loss carryforwards with an associated full valuation allowance, which have expired as of March 31, 2026. The Company is not able to forecast the utilization of the deferred tax assets associated with the majority of state net operating loss carryforwards, and a majority of the deferred tax assets associated with state tax credits and has recorded a valuation allowance of $39.4 million against these deferred tax assets.

As of March 31, 2026, the Company had $54.0 million in net deferred tax assets associated with approximately $304.1 million in foreign net operating loss carryforwards and $10.6 million in deferred tax assets associated with foreign tax credit carryforwards. While a portion of the foreign net operating loss carryforwards and foreign tax credit carryforwards have an indefinite carryforward period, certain are definite lived, expected to expire within two to fifteen years. At this time, the Company is not able to forecast the utilization of a majority of the deferred tax assets associated with foreign net operating loss carryforwards and foreign tax credit carryforwards and has recorded a valuation allowance of $59.7 million against these foreign deferred tax assets as well as a valuation allowance of $136.4 million against certain other foreign deferred tax assets.

As of March 31, 2026, the Company has accumulated undistributed earnings of approximately $965.5 million generated by foreign subsidiaries including $399.4 million amount of undistributed earnings which will continue to be indefinitely reinvested to fund international growth and operations. The Company has recorded all applicable taxes on the undistributed earnings of its foreign subsidiaries that are not indefinitely reinvested through March 31, 2026. The remainder of the Company's foreign earnings, which are indefinitely reinvested, 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.

The following table represents a reconciliation of the Company's total unrecognized tax benefits balances, excluding interest and penalties.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| Beginning of period | $72939 | $64932 | $61945 |
| Increases as a result of tax positions taken in a prior period | 15688 | 6491 | 5909 |
| Decreases as a result of tax positions taken in a prior period |  |  | (2921) |
| Increases as a result of tax positions taken during the current period | 910 | 2787 | 855 |
| Decreases as a result of settlements during the current period | (1400) | (1169) |  |
| Decreases as a result of a lapse of limitations during the current period | (586) | (102) | (856) |
| End of period | $87551 | $72939 | $64932 |

---

As of March 31, 2026, the total liability for unrecognized tax benefits was approximately $110.8 million (March 31, 2025: $95.1 million) including $23.3 million for the accrual of interest and penalties (March 31, 2025: $22.1 million).

For Fiscal 2026, the Company recorded $1.1 million for the accrual of interest and penalties within the provision for income taxes on its Consolidated Statements of Operations (Fiscal 2025: $7.1 million; Fiscal 2024: $6.6 million).

As of March 31, 2026, $81.0 million of unrecognized tax benefits, excluding interest and penalties, would impact the Company's effective tax rate if recognized. Also included in the balance are unrecognized tax benefits of $6.5 million that, if recognized, would result in adjustments to other tax accounts, primarily valuation allowances on deferred tax assets.

The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is currently under audit by the U.S. Internal Revenue Service for the years 2015 through 2020. The majority of the Company's other returns for years before 2014 are no longer subject to U.S. federal, state and local or foreign income tax examinations by tax authorities.

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

The total amount of unrecognized tax benefits relating to the Company's tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing tax audits and assessments and the expiration of applicable statutes of limitations. Although the outcomes and timing of such events are highly uncertain, the Company does not anticipate that the balance of gross unrecognized tax benefits, excluding interest and penalties, will change significantly during the next twelve months. However, changes in the occurrence, expected outcomes, and timing of such events could cause the Company's current estimate to change materially in the future.

**NOTE 16. EARNINGS PER SHARE**<br>

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

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| **Numerator** |  |  |  |
| Net income (loss) - Basic | $(495643) | $(201267) | $232042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on Convertible Senior Notes due 2024, net of tax<sup>(1)</sup> |  |  | 901 |
| Net income (loss) - Diluted | $(495643) | $(201267) | $232943 |
| **Denominator** |  |  |  |
| Weighted average common shares outstanding <br>Class A, B and C - Basic | 426575 | 432245 | 440324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of Class A and C securities<sup>(2)</sup> |  |  | 2445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of Convertible Senior Notes due 2024<sup>(1)</sup> |  |  | 8242 |
| Weighted average common shares and dilutive securities outstanding<br>Class A, B, and C - Diluted | 426575 | 432245 | 451011 |
| Class A and Class C securities excluded as anti-dilutive <sup>(3)</sup> | 13433 | 10656 | 15076 |
| Net income (loss) per share of Class A, B and C common stock - Basic | $(1.16) | $(0.47) | $0.53 |
| Net income (loss) per share of Class A, B and C common stock - Diluted | $(1.16) | $(0.47) | $0.52 |

---

<sup>(1)</sup> The Company's Convertible Senior Notes matured on June 1, 2024.

<sup>(2)</sup> 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. The Company was in a net loss position for Fiscal 2026 and Fiscal 2025. As a result, approximately 3.6 million and 4.0 million of dilutive Class A and C securities were excluded from the computation of diluted earnings per share for those periods, respectively.

<sup>(3)</sup> 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**<br>

The Company's operating segments are based on how the President and Chief Executive Officer, who has been identified as the 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

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

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; (iii) certain foreign currency hedge gains and losses; and (iv) operating results from the MapMyFitness digital platform, which was sold during the second quarter of Fiscal 2025.

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 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** | **Year Ended March 31, 2026** |
| | **North America** | **EMEA** | **Asia-Pacific** | **Latin America** | **Total Reportable Segments** | **Corporate Other** | **Total** |
| Net revenues | $2859420 | $1180510 | $719134 | $234191 | $4993255 | $(26885) | $4966370 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marketing and advertising costs | 212677 | 123916 | 76973 | 9489 | 423055 | 79235 | 502290 |
| &nbsp;&nbsp;Other segment expenses<sup>(1)</sup> | 2204240 | 865107 | 557695 | 194801 | 3821843 | 805349 | 4627192 |
| Total operating income (loss) | $442503 | $191487 | $84466 | $29901 | $748357 | $(911469) | $(163112) |
| &nbsp;&nbsp;Interest income (expense), net |  |  |  |  |  |  | (30288) |
| &nbsp;&nbsp;Other income (expense), net |  |  |  |  |  |  | (7276) |
| Income (loss) before income taxes | Income (loss) before income taxes |  |  |  |  |  | $(200676) |
| *Supplemental Information:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | $34185 | $15143 | $23642 | $1367 | $74337 | $35286 | $109623 |

---

<sup>(1)</sup> Other segment expenses within Corporate Other includes $171.5 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11) and $98.5 million of litigation reserve expense related to the previously disclosed insurance carrier litigation proceedings (refer to Note 8).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** | **Year Ended March 31, 2025** |
| | **North America** | **EMEA** | **Asia-Pacific** | **Latin America** | **Total Reportable Segments** | **Corporate Other** | **Total** |
| Net revenues | $3105624 | $1086578 | $755437 | $215427 | $5163066 | $1244 | $5164310 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marketing and advertising costs | 222762 | 128461 | 87053 | 6778 | 445054 | 104798 | 549852 |
| &nbsp;&nbsp;Other segment expenses<sup>(1)</sup> | 2253344 | 810935 | 595197 | 161117 | 3820593 | 979081 | 4799674 |
| Total operating income (loss) | $629518 | $147182 | $73187 | $47532 | $897419 | $(1082635) | $(185216) |
| &nbsp;&nbsp;Interest income (expense), net |  |  |  |  |  |  | (6115) |
| &nbsp;&nbsp;Other income (expense), net |  |  |  |  |  |  | (13431) |
| Income (loss) before income taxes | Income (loss) before income taxes |  |  |  |  |  | $(204762) |
| *Supplemental Information:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | $39412 | $10060 | $26465 | $1736 | $77673 | $58131 | $135804 |

---

<sup>(1)</sup> Other segment expenses within Corporate Other includes $89.2 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11), an impairment charge of $28.4 million relating to vacating the Company's former global headquarters and $261.0 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation (refer to Note 10 to the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025).

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** | **Year ended March 31, 2024** |
| | **North America** | **EMEA** | **Asia-Pacific** | **Latin America** | **Total Reportable Segments** | **Corporate Other** | **Total** |
| Net revenues | $3505167 | $1081915 | $873019 | $229481 | $5689582 | $12297 | $5701879 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Marketing and advertising costs | 252892 | 100490 | 100129 | 10532 | 464043 | 104461 | 568504 |
| &nbsp;&nbsp;Other segment expenses | 2574393 | 805220 | 653240 | 180548 | 4213401 | 690223 | 4903624 |
| Total operating income (loss) | $677882 | $176205 | $119650 | $38401 | $1012138 | $(782387) | $229751 |
| &nbsp;&nbsp;Interest income (expense), net |  |  |  |  |  |  | 268 |
| &nbsp;&nbsp;Other income (expense), net |  |  |  |  |  |  | 32055 |
| Income (loss) before income taxes | Income (loss) before income taxes |  |  |  |  |  | $262074 |
| *Supplemental Information:* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | $51362 | $10345 | $26016 | $1994 | $89717 | $52873 | $142590 |

---

The following table further disaggregates the Company's net revenues by geographic area, based on shipping destination:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
| | **2026** | **2025** | **2024** |
| United States | $2570647 | $2817170 | $3172245 |
| Other countries | 2422608 | 2345896 | 2517337 |
| Total reportable segments | 4993255 | 5163066 | 5689582 |
| Corporate other | (26885) | 1244 | 12297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | $4966370 | $5164310 | $5701879 |

---

For Fiscal 2026, Fiscal 2025 and Fiscal 2024, no single customer accounted for more than 10% of the Company's net revenues.

Long-lived assets are primarily composed of property and equipment, net and operating lease right-of-use assets. The Company's long-lived assets by geographic area were as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2025** |
| United States | $789310 | $815903 |
| Other countries | 239265 | 213585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-lived assets | $1028575 | $1029488 |

---

**NOTE 18. RELATED PARTY TRANSACTIONS**<br>

The Company has an operating lease agreement with an entity controlled by the Company's President and Chief Executive Officer to lease an aircraft for business purposes. The Company recorded $1.6 million during Fiscal 2026 for lease payments to the entity for its use of the aircraft (Fiscal 2025: $1.7 million; Fiscal 2024: $1.6 million). The Company determined the lease payments were at fair market lease rates.

In June 2016, the Company purchased parcels of land from an entity controlled by the Company's President and Chief Executive Officer, to be utilized to expand the Company's global headquarters to accommodate its growth needs. The purchase price for these parcels totaled $70.3 million. The Company determined that the purchase price for the land represented the fair market value of the parcels and approximated the cost to the seller to purchase and develop the parcels, including costs related to the termination of a lease encumbering the parcels.

In connection with the purchase of these parcels, the parties entered into an agreement in September 2016 and a supplement thereto in May 2022, pursuant to which the parties will share the burden of any special taxes

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

arising due to infrastructure projects in the surrounding area. The allocation to the Company is based on the expected benefits to the Company's parcels from these projects. No amounts were payable by either party under this agreement as of March 31, 2026.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. 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, evaluated the effectiveness of our disclosure controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of March 31, 2026.

***Management's Report on Internal Control over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our internal control over financial reporting is a process designed 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. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our internal control over financial reporting as of March 31, 2026. In making this assessment, management used the criteria issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in the 2013 "Internal Control-Integrated Framework." Based on this assessment, management concluded that our internal control over financial reporting was effective as of March 31, 2026.

PricewaterhouseCoopers LLP, our independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of March 31, 2026, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K.

***Remediation of Previously Identified Material Weakness***

The material weakness related to not designing and maintaining effective controls over the review and execution of certain balance sheet account reconciliations which was previously identified as of March 31, 2024 and initially reported in our Annual Report on Form 10-K for Fiscal 2024, has been remediated. During Fiscal 2026, we completed the design and implementation of new control activities to ensure balance sheet account reconciliations are appropriately reviewed and executed. Specifically, during the three months ended March 31, 2026, we completed our testing and evaluation of the newly designed and implemented controls and determined that as of March 31, 2026, the controls have been in place and have operated effectively for a sufficient period of time for management to conclude the material weakness has been remediated.

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***Changes in Internal Control Over Financial Reporting***

There were no 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 March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**ITEM 9B. OTHER INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On May 19, 2026, the Company announced that Eric Liedtke, Chief Marketing Officer and Executive Vice President, Strategy and a named executive officer of the Company for Fiscal 2026, will be transitioning to the role of Strategic Advisor to the Chief Executive Officer and Executive Leadership Team on June 1, 2026, and is expected to leave the Company on November 2, 2026. Simon Pestridge, the Company's Managing Director of its Asia-Pacific region, will also assume the role of Chief Marketing Officer effective June 1, 2026. Mr. Pestridge brings more than 30 years of global brand, marketing and leadership experience across international markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the three months ended March 31, 2026, 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.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**PART III.** 

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The information required by this Item regarding directors is incorporated herein by reference from the 2026 Proxy Statement, under the headings "Election of Directors," "Corporate Governance and Related Matters - Board Meetings and Committees" and "Delinquent Section 16(a) Reports." Information required by this Item regarding executive officers is included under "Executive Officers" in Part I of this Annual Report on Form 10-K.

**Code of Ethics**

We have a written code of ethics and business conduct in place that applies to all our employees, including our principal executive officer, principal financial officer, and principal accounting officer and controller. A copy of our code of ethics and business conduct is available on our website: https://about.underarmour.com/investor-relations/governance. We are required to disclose any change to, or waiver from, our code of ethics and business policy for our senior financial officers. We intend to use our website as a method of disseminating this disclosure as permitted by applicable SEC rules.

**Insider Trading Policy**

The Under Armour Insider Trading Policy governs the purchase, sale and other dispositions of Under Armour securities by all of our directors, officers and employees, as well as their spouses, minor children, relatives and other persons who live with them, and any trusts, estates or other entities over which they exercise control or in which they have any beneficial interest. The Under Armour Insider Trading Policy is designed to promote compliance with insider trading laws, rules and regulations, as well as the rules and regulations of the New York Stock Exchange. It prohibits those who are subject to the policy from trading securities of any company, including Under Armour, while in possession of material non-public information, and from buying, selling or gifting Under Armour securities even if not in possession of such information during certain trading blackout periods, subject to limited exceptions. It also prohibits those who are subject to the policy from effecting short sales of Under Armour securities and from engaging in hedging transactions and purchasing or selling derivative securities, such as puts and calls, relating to Under Armour securities. The Under Armour Insider Trading Policy also imposes additional trading restrictions applicable to our directors, executive officers and designated insiders (as defined therein). The foregoing summary of the Under Armour Insider Trading Policy does not purport to be complete and is qualified in its entirety by reference to the full text of the Under Armour Insider Trading Policy attached hereto as Exhibit 19.01.

**ITEM 11. EXECUTIVE COMPENSATION**

The information required by this Item is incorporated by reference herein from the 2026 Proxy Statement under the headings "Corporate Governance and Related Matters - Compensation of Directors," and "Executive Compensation."

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The information required by this Item is incorporated by reference herein from the 2026 Proxy Statement under the headings "Security Ownership of Management and Certain Beneficial Owners of Shares" and "Equity Compensation Plan Information."

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

The information required by this Item is incorporated by reference herein from the 2026 Proxy Statement under the heading "Transactions with Related Persons" and "Corporate Governance and Related Matters - Independence of Directors."

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information required by this Item is incorporated by reference herein from the 2026 Proxy Statement under the heading "Independent Auditors."

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**PART IV.** 

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

a. The following documents are filed as part of this Annual Report on Form 10-K:

---

| | |
|:---|:---|
| **1. Financial Statements:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#i7b155a09c76d44b1b922c6cfc27f7534_244) (PCAOB ID 238) | [46](#i7b155a09c76d44b1b922c6cfc27f7534_244) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets as of March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_16)[6](#i7b155a09c76d44b1b922c6cfc27f7534_16)[and March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_16)5 | [48](#i7b155a09c76d44b1b922c6cfc27f7534_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations for the Years](#i7b155a09c76d44b1b922c6cfc27f7534_19)[Ended](#i7b155a09c76d44b1b922c6cfc27f7534_19)[March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_19)[6](#i7b155a09c76d44b1b922c6cfc27f7534_19)[, 202](#i7b155a09c76d44b1b922c6cfc27f7534_19)[5](#i7b155a09c76d44b1b922c6cfc27f7534_19)[and 202](#i7b155a09c76d44b1b922c6cfc27f7534_19)4 | [49](#i7b155a09c76d44b1b922c6cfc27f7534_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Comprehensive Income (Loss) for the Years Ended March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_22)[6](#i7b155a09c76d44b1b922c6cfc27f7534_22)[, 202](#i7b155a09c76d44b1b922c6cfc27f7534_22)[5](#i7b155a09c76d44b1b922c6cfc27f7534_22)[and 202](#i7b155a09c76d44b1b922c6cfc27f7534_22)4 | [50](#i7b155a09c76d44b1b922c6cfc27f7534_22) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Stockholders' Equity for the Years Ended March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_25)[6](#i7b155a09c76d44b1b922c6cfc27f7534_25)[, 202](#i7b155a09c76d44b1b922c6cfc27f7534_25)[5](#i7b155a09c76d44b1b922c6cfc27f7534_25)[and 202](#i7b155a09c76d44b1b922c6cfc27f7534_25)4 | [51](#i7b155a09c76d44b1b922c6cfc27f7534_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows for the Years Ended March 31, 202](#i7b155a09c76d44b1b922c6cfc27f7534_28)[6](#i7b155a09c76d44b1b922c6cfc27f7534_28)[, 202](#i7b155a09c76d44b1b922c6cfc27f7534_28)[5](#i7b155a09c76d44b1b922c6cfc27f7534_28)[and 202](#i7b155a09c76d44b1b922c6cfc27f7534_28)4 | [52](#i7b155a09c76d44b1b922c6cfc27f7534_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to the Audited Consolidated Financial Statements](#i7b155a09c76d44b1b922c6cfc27f7534_31) | [54](#i7b155a09c76d44b1b922c6cfc27f7534_31) |
| **2. Financial Statement Schedule** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[Schedule II—Valuation and Qualifying Accounts](#i7b155a09c76d44b1b922c6cfc27f7534_301) | [98](#i7b155a09c76d44b1b922c6cfc27f7534_301) |

---

All other schedules are omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or notes thereto.

**3. Exhibits**

The following exhibits are incorporated by reference or filed herewith.

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | |
| <u>[3.01](https://www.sec.gov/Archives/edgar/data/1336917/000133691722000010/ua-12312021xex301xamendeda.htm)</u> | Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.01 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 23, 2022). |
| <u>[3.02](https://www.sec.gov/Archives/edgar/data/1336917/000119312515223346/d931136dpre14a.htm)</u> | Articles Supplementary setting forth the terms of the Class C Common Stock, dated June 15, 2015 (incorporated by reference to Appendix F to the Preliminary Proxy Statement filed by the Company on June 15, 2015). |
| <u>[3.03](https://www.sec.gov/Archives/edgar/data/1336917/000119312524066880/d790474dex31.htm)</u> | Amended and Restated Bylaws of Under Armour, Inc. (effective April 1, 2024) (incorporated by reference to Exhibit 3.01 of the Company's Current Report on Form 8-K filed on March 13, 2024). |
| <u>[4.01](https://www.sec.gov/Archives/edgar/data/1336917/000133691721000009/exhibit401-descriptionofse.htm)</u> | Description of the Company's Securities Registered Pursuant to Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.01 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed on February 24, 2021). |
| <u>[4.02](https://www.sec.gov/Archives/edgar/data/1336917/000119312516620233/d209028dex41.htm)</u> | Indenture, dated as of June 13, 2016, between the Company and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on June 13, 2016). |
| <u>[4.03](https://www.sec.gov/Archives/edgar/data/1336917/000119312516620233/d209028dex42.htm)</u> | First Supplemental Indenture, dated as of June 13, 2016, relating to the 3.250% Senior Notes due 2026, between the Company and Wilmington Trust, National Association, as trustee, and the Form of 3.250% Senior Notes due 2026 (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed on June 13, 2016). |
| <u>[4.](https://www.sec.gov/Archives/edgar/data/1336917/000119312525144658/d17064dex42.htm)[04](https://www.sec.gov/Archives/edgar/data/1336917/000119312525144658/d17064dex42.htm)</u> | Second Supplemental Indenture, dated June 23, 2025, relating to the 7.250% Senior Notes due 2030, among the Company, each of the guarantors party thereto and Wilmington Trust, National Association, as trustee (incorporated by reference to Exhibit 4.2 of the Company's Current Report on Form 8-K filed on June 23, 2025). |
| <u>[4.](https://www.sec.gov/Archives/edgar/data/1336917/000119312525144658/d17064dex42.htm)[05](https://www.sec.gov/Archives/edgar/data/1336917/000119312525144658/d17064dex42.htm)</u> | Form of 7.250% Senior Notes due 2030 (incorporated by reference to Exhibit 4.3 of the Company's Current Report on Form 8-K filed on June 23, 2025). |
| <u>[10.01](https://www.sec.gov/Archives/edgar/data/1336917/000119312519069327/d699670dex101.htm)</u> | Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, National Association, as syndication agent and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Current Report on Form 8-K filed on March 8, 2019). |

---

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | |
| <u>[10.02](https://www.sec.gov/Archives/edgar/data/1336917/000119312520140572/d928254dex1001.htm)</u> | Amendment No. 1, dated May 12, 2020, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Current Report on Form 8-K filed on May 12, 2020). |
| <u>[10.03](https://www.sec.gov/Archives/edgar/data/1336917/000119312521166743/d270300dex1001.htm)</u> | Amendment No. 2, dated May 17, 2021, to the Amended and Restated Credit Agreement dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Current Report on Form 8-K filed on May 19, 2021). |
| <u>[10.04](https://www.sec.gov/Archives/edgar/data/1336917/000119312521351472/d195608dex1001.htm)</u> | Amendment No. 3, dated December 3, 2021, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Current Report on Form 8-K filed on December 8, 2021). |
| <u>[10.05](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000021/ua-03312023xex1005xtechnic.htm)</u> | Technical Modification, dated February 24, 2023, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.05 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed on May 24, 2023). |
| <u>[10.06](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1006creditag.htm)</u> | Amendment No. 4, dated March 6, 2024, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.06 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024). |
| <u>[10.07](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000117/ua-06302024xex1001creditag.htm)</u> | Amendment No. 5, dated July 3, 2024, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.01 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed on August 8, 2024). |
| <u>[10.08](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1008creditag.htm)</u> | Amendment No. 6, dated March 7, 2025, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.08 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000119312525141111/d947617dex101.htm)[09](https://www.sec.gov/Archives/edgar/data/1336917/000119312525141111/d947617dex101.htm)</u> | Amendment No. 7, dated June 16, 2025, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on June 16, 2025). |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000136/ua-06302025xex102.htm)[10](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000136/ua-06302025xex102.htm)</u> | Amendment No. 8, dated July 30, 2025, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among the Company, 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 for the quarter ended June 30, 2025, filed on August 8, 2025). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000119312522053316/d55794dex101.htm)[1](https://www.sec.gov/Archives/edgar/data/1336917/000119312522053316/d55794dex101.htm)</u> | Form of Accelerated Share Repurchase Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on February 25, 2022). |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000198/ua-09302025xex1003.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000198/ua-09302025xex1003.htm)</u> | Under Armour, Inc. Amended and Restated Executive Incentive Compensation Plan (incorporated by reference to Exhibit 10.03 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed on November 6, 2025).\* |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000133691719000011/ua-12312018xex1010.htm)[3](https://www.sec.gov/Archives/edgar/data/1336917/000133691719000011/ua-12312018xex1010.htm)</u> | Under Armour, Inc. Amended and Restated Deferred Compensation Plan (incorporated by reference to Exhibit 10.10 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed on February 25, 2019).\* |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000024/ua-12312023xex1001.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000024/ua-12312023xex1001.htm)</u> | Amendment One to the Under Armour, Inc. Deferred Compensation Plan (incorporated by reference to Exhibit 10.01 of the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, filed on February 8, 2024).\* |
| <u>[10.15](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000198/ua-09302025xex1002.htm)</u> | Amendment Two to the Under Armour, Inc. Deferred Compensation Plan (incorporated by reference to Exhibit 10.02 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed on November 6, 2025).\* |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000198/ua-09302025xex1004.htm)[6](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000198/ua-09302025xex1004.htm)</u> | Under Armour, Inc. Executive Change in Control Severance Plan (incorporated by reference to Exhibit 10.04 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed on November 6, 2025).\* |
| <u>[10.17](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1013severanc.htm)</u> | Under Armour, Inc. Executive Severance Program (incorporated by reference to Exhibit 10.13 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024).\* |

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<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

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| | |
|:---|:---|
| **Exhibit**<br>**No.** | |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000041/fourthamendedandrestated20.htm)[8](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000041/fourthamendedandrestated20.htm)</u> | Under Armour, Inc. Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the "2005 Plan") (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on August 31, 2023).\* |
| <u>[10.19](ua-03312026xex1019annualrs.htm)</u> | Form of Annual Restricted Stock Unit Grant Agreement under the 2005 Plan.\* |
| <u>[10.2](ua-03312026xex1020annualps.htm)[0](ua-03312026xex1020annualps.htm)</u> | Form of Annual Performance-Based Restricted Stock Unit Grant Agreement under the 2005 Plan.\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1017annualrs.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1017annualrs.htm)[1](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1017annualrs.htm)</u> | Form of Annual Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.17 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1018specialr.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1018specialr.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1018specialr.htm)</u> | Form of Special Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1015annualrs.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1015annualrs.htm)[3](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1015annualrs.htm)</u> | Form of Annual Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.15 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024).\* |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1016specialr.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1016specialr.htm)</u> | Form of Special Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.16 of the Company's Annual Report on Form 10-K for fiscal year ended March 31, 2024, filed on May 29, 2024).\* |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1017performa.htm)[5](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1017performa.htm)</u> | Form of Performance-Based Restricted Stock Unit Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.17 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024).\* |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000048/ua-09302023xex1002.htm)[6](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000048/ua-09302023xex1002.htm)</u> | Form of Performance-Based Restricted Stock Unit Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.02 of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, filed on November 8, 2023).\* |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000021/ua-03312023xex1016xannualr.htm)[7](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000021/ua-03312023xex1016xannualr.htm)</u> | Form of Annual Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.16 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed on May 24, 2023).\* |
| <u>[10.2](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000021/ua-03312023xex1017xspecial.htm)[8](https://www.sec.gov/Archives/edgar/data/1336917/000133691723000021/ua-03312023xex1017xspecial.htm)</u> | Form of Special Restricted Stock Unit Grant Agreement under the 2005 Plan (incorporated by reference to Exhibit 10.17 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023, filed on May 24, 2023).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1028perfrsux.htm)[29](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1028perfrsux.htm)</u> | Performance-Based Restricted Stock Unit Agreement under the 2005 Plan, dated May 15, 2025, between the Company and Kevin Plank (incorporated by reference to Exhibit 10.28 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000117/ua-06302024xex1002plankpsu.htm)[3](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000117/ua-06302024xex1002plankpsu.htm)[0](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000117/ua-06302024xex1002plankpsu.htm)</u> | Performance-Based Restricted Stock Unit Agreement under the 2005 Plan, dated June 3, 2024, between the Company and Kevin Plank (incorporated by reference to Exhibit 10.02 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, filed on August 8, 2024).\* |
| <u>[10.3](ua-03312026xex1031annualre.htm)[1](ua-03312026xex1031annualre.htm)</u> | Form of Annual Restricted Cash Award Agreement.\* |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1030restrict.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1030restrict.htm)</u> | Form of Annual Restricted Cash Award Agreement (incorporated by reference to Exhibit 10.30 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025).\* |
| <u>[10.3](ua-03312026xex1033nqoption.htm)[3](ua-03312026xex1033nqoption.htm)</u> | Form of Non-Qualified Stock Option Grant Agreement under the 2005 Plan.\* |
| <u>[10.3](ua-03312026xex1034nqoption.htm)[4](ua-03312026xex1034nqoption.htm)</u> | Form of Non-Qualified Stock Option Grant Agreement under the 2005 Plan between the Company and Reza Taleghani.\* |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1031nonxqual.htm)[5](https://www.sec.gov/Archives/edgar/data/1336917/000133691725000078/ua-03312025xex1031nonxqual.htm)</u> | Form of Non-Qualified Stock Option Grant Agreement under the 2005 Plan between the Company and Kevin Plank (incorporated by reference to Exhibit 10.31 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, filed on May 22, 2025).\* |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1336917/000133691720000010/ua-12312019xex1006.htm)[6](https://www.sec.gov/Archives/edgar/data/1336917/000133691720000010/ua-12312019xex1006.htm)</u> | Form of Non-Qualified Stock Option Grant Agreement under the 2005 Plan between the Company and Kevin Plank (incorporated by reference to Exhibit 10.06 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on February 26, 2020).\* |
| <u>[10.3](https://www.sec.gov/Archives/edgar/data/1336917/000133691719000011/ua-12312018xex1013.htm)[7](https://www.sec.gov/Archives/edgar/data/1336917/000133691719000011/ua-12312018xex1013.htm)</u> | Form of Non-Qualified Stock Option Grant Agreement under the 2005 Plan between the Company and Kevin Plank (incorporated by reference to Exhibit 10.13 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed on February 25, 2019).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1026noncompe.htm)[38](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1026noncompe.htm)</u> | Form of Executive Employee Confidentiality, Non-Competition, and Non-Solicitation Agreement by and between the Company and certain executives of the Company (incorporated by reference to Exhibit 10.26 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024).\* |

---

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1027nonxeedi.htm)[39](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex1027nonxeedi.htm)</u> | Under Armour, Inc. Fiscal 2025 Non-Employee Director Compensation Plan (the "Director Compensation Plan") (incorporated by reference to Exhibit 10.27 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000119312506125200/dex101.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000119312506125200/dex101.htm)[0](https://www.sec.gov/Archives/edgar/data/1336917/000119312506125200/dex101.htm)</u> | Form of Initial Restricted Stock Unit Grant under the Director Compensation Plan (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed on June 6, 2006).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000119312511210817/dex1006.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000119312511210817/dex1006.htm)[1](https://www.sec.gov/Archives/edgar/data/1336917/000119312511210817/dex1006.htm)</u> | Form of Annual Restricted Stock Unit Grant under the Director Compensation Plan (incorporated by reference to Exhibit 10.06 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed on August 5, 2011).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000119312510107989/dex1002.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000119312510107989/dex1002.htm)[2](https://www.sec.gov/Archives/edgar/data/1336917/000119312510107989/dex1002.htm)</u> | Under Armour, Inc. 2006 Non-Employee Director Deferred Stock Unit Plan (the "Director DSU Plan") (incorporated by reference to Exhibit 10.02 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2010, filed on May 5, 2010).\* |
| <u>[10.](https://www.sec.gov/Archives/edgar/data/1336917/000119312511044799/dex1023.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000119312511044799/dex1023.htm)[3](https://www.sec.gov/Archives/edgar/data/1336917/000119312511044799/dex1023.htm)</u> | Amendment One to the Director DSU Plan (incorporated by reference to Exhibit 10.23 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010, filed on February 24, 2011).\* |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1336917/000133691716000099/ua-6302016xex1002.htm)[4](https://www.sec.gov/Archives/edgar/data/1336917/000133691716000099/ua-6302016xex1002.htm)</u> | Amendment Two to the Director DSU Plan (incorporated by reference to Exhibit 10.02 of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2016, filed on August 3, 2016).\* |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1336917/000133691720000010/ua-12312019xex1022.htm)[5](https://www.sec.gov/Archives/edgar/data/1336917/000133691720000010/ua-12312019xex1022.htm)</u> | Amendment Three to the Director DSU Plan (incorporated by reference to Exhibit 10.22 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on February 26, 2020).\* |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1336917/000119312515223346/d931136dpre14a.htm)[6](https://www.sec.gov/Archives/edgar/data/1336917/000119312515223346/d931136dpre14a.htm)</u> | Confidentiality, Non-Competition and Non-Solicitation Agreement, dated June 15, 2015, between the Company and Kevin Plank (the "Plank Non-Compete Agreement") (incorporated by reference to Appendix E to the Preliminary Proxy Statement filed by Under Armour, Inc. on June 15, 2015).\* |
| <u>[10.4](https://www.sec.gov/Archives/edgar/data/1336917/000133691716000077/ua-3312016xex1003.htm)[7](https://www.sec.gov/Archives/edgar/data/1336917/000133691716000077/ua-3312016xex1003.htm)</u> | First Amendment to the Plank Non-Compete Agreement, dated April 7, 2016 (incorporated by reference to Exhibit 10.03 of the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed on April 29, 2016).\* |
| <u>[10.](ua-03312026xex1048consulti.htm)[48](ua-03312026xex1048consulti.htm)</u> | Consulting Services Agreement, dated February 2, 2026, between the Company and Yassine Saidi.\* |
| <u>[10.](ua-03312026xex1049suppleme.htm)[49](ua-03312026xex1049suppleme.htm)</u> | Supplement to Restricted Stock Unit Grant Agreement, dated January 14, 2026, between the Company and Yassine Saidi.\* |
| <u>[19.01](ua-03312026xex1901insidert.htm)</u> | Under Armour Insider Trading Policy. |
| <u>[21.01](ua-03312026xex2101signific.htm)</u> | List of Subsidiaries. |
| <u>[23.01](ua-03312026xex2301pwcconse.htm)</u> | Consent of PricewaterhouseCoopers LLP. |
| <u>[31.01](ua-03312026xex3101.htm)</u> | Section 302 Chief Executive Officer Certification. |
| <u>[31.02](ua-03312026xex3102.htm)</u> | Section 302 Chief Financial Officer Certification. |
| <u>[32.01](ua-03312026xex3201.htm)</u> | Section 906 Chief Executive Officer Certification. |
| <u>[32.02](ua-03312026xex3202.htm)</u> | Section 906 Chief Financial Officer Certification. |
| <u>[97.01](https://www.sec.gov/Archives/edgar/data/1336917/000133691724000073/ua-03312024xex9701clawback.htm)</u> | Under Armour, Inc. Clawback Policy (incorporated by reference to Exhibit 97.01 of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2024, filed on May 29, 2024). |
| 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 15(b) of Form 10-K.

 **ITEM 16. FORM 10-K SUMMARY**

None.

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**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. | UNDER ARMOUR, INC. |
| By: | /s/ KEVIN A. PLANK |
|  | Kevin A. Plank |
|  | *President and Chief Executive Officer* |

---

Date: May 19, 2026

Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| /s/ KEVIN A. PLANK | President and Chief Executive Officer <br>(principal executive officer) |
| Kevin A. Plank | President and Chief Executive Officer <br>(principal executive officer) |
| /s/ REZA TALEGHANI | Chief Financial Officer <br>(principal financial officer) |
| Reza Taleghani | Chief Financial Officer <br>(principal financial officer) |
| /s/ ERIC J. AUMEN | Chief Accounting Officer <br>(principal accounting officer) |
| Eric J. Aumen | Chief Accounting Officer <br>(principal accounting officer) |
| /s/ MOHAMED A. EL-ERIAN | Chair of the Board |
| Mohamed A. El-Erian | |
| /s/ DOUGLAS E. COLTHARP | Director |
| Douglas E. Coltharp | |
| /s/ JERRI L. DEVARD | Director |
| Jerri L. DeVard | |
| /s/ CAROLYN N. EVERSON | Director |
| Carolyn N. Everson | |
| /s/ DAWN N. FITZPATRICK | Director |
| Dawn N. Fitzpatrick | |
| /s/ DAVID W. GIBBS | Director |
| David W. Gibbs | |
| /s/ ERIC T. OLSON | Director |
| Eric T. Olson | |
| /s/ EUGENE D. SMITH | Director |
| Eugene D. Smith | |
| /s/ ROBERT J. SWEENEY | Director |
| Robert J. Sweeney | |
| /s/ PATRICK W. WHITESELL | Director |
| Patrick W. Whitesell | |

---

Dated: May 19, 2026

------

<u>[**Table of Contents**](#i7b155a09c76d44b1b922c6cfc27f7534_151)</u> 

**SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS**

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Balance at**<br>**Beginning**<br>**of Year** | **Charged to**<br>**Costs and**<br>**Expenses** | **Write-Offs**<br>**Net of**<br>**Recoveries** | **Balance at**<br>**End of**<br>**Year** |
| **Allowance for doubtful accounts** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2026 | $17020 | $(3363) | $(8639) | $5018 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025 | 14994 | 4136 | (2110) | 17020 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2024 | 10813 | 6061 | (1880) | 14994 |
| **Sales returns and allowances** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2026 | $64975 | $(130172) | $118147 | $52950 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025 | 59218 | (149737) | 155494 | 64975 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2024 | 70191 | (146700) | 135727 | 59218 |
| **Deferred tax asset valuation allowance** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2026 | $292362 | $400494 | $(48466) | $644390 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025 | 274829 | 30643 | (13110) | 292362 |
| &nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2024 | 177026 | 116254 | (18451) | 274829 |

---

## Exhibit 10.19

**Exhibit 10.19**

**FOURTH AMENDED AND RESTATED 2005 OMNIBUS** 

**LONG-TERM INCENTIVE PLAN** 

**ANNUAL TIME BASED RESTRICTED STOCK UNIT GRANT AGREEMENT**

THIS AGREEMENT, made as of ____________________, 2026, (the "<u>Agreement</u>") between UNDER ARMOUR, INC. (the "<u>Company</u>") and _____________________________ (the "<u>Grantee</u>").

WHEREAS, the Company has adopted the Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as may be further amended and restated (the "<u>Plan</u>"), which has been delivered or made available to the Grantee, to promote the interests of the Company and its stockholders by providing the Company's key employees and others with an appropriate incentive to encourage them to continue in the employ of the Company and to improve the growth and profitability of the Company; and

WHEREAS, the Plan provides for the grant to participants in the Plan of restricted share units, which may be settled in shares of the Company's Class C stock (the "<u>Class C Stock</u>").

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" shall mean the occurrence of any of the following: (i) the Grantee's material misconduct or neglect in the performance of his or her duties; (ii) the Grantee'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; (iii) the Grantee's material breach of the Company's written Code of Conduct, as in effect from time to time; (iv) the Grantee's commission of any act that results in severe harm to the Company, excluding any act taken by the Grantee in good faith that he or she reasonably believed was in the best interests of the Company; or (v) the Grantee's material breach of the Employee Confidentiality, Non-Competition and Non-Solicitation Agreement or the Employee Confidentiality and Non-Solicitation Agreement, as applicable, by and between the Grantee and the Company, or any other similar agreement containing post-employment obligations to the Company, such as nondisclosure, noncompetition, and/or nonsolicitation, entered into by the Grantee and the Company or any subsidiary thereof (the "<u>Confidentiality Agreement</u>"). However, none of the foregoing events or conditions will constitute Cause unless the Company provides the Grantee with written notice of the event or condition and thirty (30) days to cure such event or condition (if curable) and the event or condition is not cured within such 30-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Good Reason</u>" shall mean the occurrence of any of the following events: (i) a material diminishment in the scope of the Grantee's duties or responsibilities with the Company; (ii) a material reduction in the Grantee's current base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites; or (iii) a requirement that the Grantee relocate more than fifty (50) miles from his or her primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the Grantee's duties and responsibilities with the Company. However, none of the foregoing events or conditions will constitute Good Reason unless (A) the Grantee provides the Company with written objection to the event or condition within ninety (90) days following the occurrence thereof, (B) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving such written objection, and (C) the Grantee resigns his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Retirement</u>" shall mean the Grantee's voluntary termination from employment [after attainment of age 62 with at least five (5) years of continuous service (or after other significant service to

------

the Company, as determined to be satisfied by the Chief Executive Officer and the Chief Financial Officer of the Company in writing); <u>provided</u>, however, that the termination was not occasioned by a discharge for Cause. Notwithstanding the foregoing, if the Grantee's employment is terminated involuntarily pursuant to a restructuring plan approved by the Company's Board of Directors and the Grantee otherwise satisfies the requirements of "Retirement" as set forth in this Agreement on the termination date, such involuntarily termination shall be deemed a Retirement for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)An award will qualify as a "<u>Substitute Award</u>" if it is assumed, substituted or replaced by a Successor with awards that, solely in the discretion of the Human Capital and Compensation Committee of the Board, preserves the existing value of the outstanding Restricted Stock Units at the time of the Change in Control and provides vesting and payout terms that are at least as favorable to the Grantee as the vesting and payout terms applicable to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Successor</u>" shall mean the continuing or successor organization, as the case may be, following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Restricted Stock Units</u>. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee an Award of Restricted Stock Units covering ________ shares of the Class C Stock (collectively, the "<u>Restricted Stock Units</u>"). The Purchase Price for the Restricted Stock Units shall be paid by Grantee's services to the Company. The Grantee represents that the Restricted Stock Units are being acquired for investment and not with a view toward the distribution or sale thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Grant Date</u>. The Grant Date of the Restricted Stock Units hereby granted is __________, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Incorporation of the Plan</u>. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of this Agreement, as interpreted by the Board, or a Committee thereof, shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Vesting and Settlement of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Vesting</u>. The Restricted Stock Units shall vest in three equal installments on May 15, 2027, May 15, 2028 and May 15, 2029; <u>provided</u> that (i) the Grantee remains continuously employed by the Company through each such applicable vesting date, and (ii) the Grantee has duly executed this Agreement within one (1) year of receipt of the Agreement. Except as provided in Section 5(b) or Section 6, all unvested Restricted Stock Units will be automatically forfeited if the Grantee terminates employment for any reason prior the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Vesting Upon Death, Disability and Retirement</u>. Notwithstanding Section 5(a), in the event that the Grantee's employment with the Company is terminated upon the occurrence of an event specified in sub-clauses (i) or (ii) below, the Restricted Stock Units shall vest on the dates specified in sub-clauses (i) or (ii) (as applicable) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.In the event of the Grantee's death or Disability at any time, all unvested Restricted Stock Units not previously forfeited shall immediately vest on the date of the Grantee's death or termination of employment as a result of Disability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.In the event of the Grantee's Retirement, (A) if the Grantee's date of Retirement is on or after the first vesting date specified in Section 5(a), all of the remaining Restricted Stock Units shall immediately vest on such date of Retirement and (B) if the Grantee's date of Retirement is before the first vesting date specified in Section 5(a), the following number of the Restricted Stock Units will vest: (x) the total number of Restricted Stock Units covered by this Agreement, multiplied by (y) a fraction, the numerator of which is the number of months immediately following the Grant Date during which the Grantee was continuously employed by the Company (rounded up to the nearest whole month) and the denominator of which is the

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number of months between the Grant Date and the final vesting date as specified by Section 5(a) (rounded to the nearest whole month). For the avoidance of doubt, if the Grantee's date of Retirement is before the first vesting date specified in Section 5(a), all Restricted Stock Units that did not vest in accordance with the preceding sentence shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Settlement of Awards</u>. On the first business day after each vesting date described in Sections 5(a) or 5(b), as applicable, the Company shall deliver to the Grantee the number of shares of the Class C Stock to which Grantee's vested Restricted Stock Units relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of a Change in Control in which the Restricted Stock Units will not be continued, assumed or substituted with Substitute Awards, all of the Restricted Stock Units not otherwise forfeited shall vest in full on the day immediately prior to the date of the consummation of the transaction(s) that constitutes the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Change in Control following which the Restricted Stock Units will be continued, assumed or substituted with Substitute Awards, any Substitute Awards shall vest on the dates set forth in Section 5(a) or 5(b), as applicable, of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Restricted Stock Units are substituted with Substitute Awards as set forth in Section 6(b) above, and within two (2) years following the Change in Control the Grantee is terminated by the Successor (or an affiliate thereof) without Cause or resigns for Good Reason, the Substitute Awards shall immediately vest upon such termination or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On the first business day after each vesting date set forth in Sections 6(a), (b) or (c), as applicable, the Company shall deliver to the Grantee the shares of the Class C Stock to which Grantee's vested Restricted Stock Units or Substitute Awards, as applicable, relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Forfeiture</u>. Subject to the provisions of the Plan and Sections 5 and 6 of this Agreement, with respect to the Restricted Stock Units which have not become vested on the date the Grantee's employment terminates, the Award of Restricted Stock Units shall expire and such unvested Restricted Stock Units shall immediately be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Employee Confidentiality Agreement</u>. As a condition to the grant of the Restricted Stock Units, the Grantee shall have executed and become a party to the Confidentiality Agreement. To the extent permitted under applicable law, the Grantee hereby acknowledges and agrees that such Confidentiality Agreement remains in full force and effect, subject to the terms therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>No Shareholder Rights</u>. The Grantee does not have any rights of a shareholder with respect to the Restricted Stock Units. No dividend equivalents will be earned or paid with regard to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Integration</u>. This Agreement and the Plan (including the Confidentiality Agreement) contain the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to its subject matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Withholding Taxes</u>. The Grantee agrees, as a condition of this grant, that the Grantee will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of vesting of the Restricted Stock Units or delivery of the Class C Stock or other shares acquired in connection with this Award. In the event that the Company determines that any federal, state, local, municipal or foreign tax or withholding payment is required relating to the vesting of the Restricted Stock Units or delivery of the Class C Stock or other shares acquired in connection with this Award, the Company shall have the right to require such payments from the Grantee in the form and manner as provided in the Plan. The Grantee authorizes the Company at its discretion to satisfy its withholding obligations, if any, by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the extent permitted by applicable laws, withholding from the Grantee's wages or other cash compensation paid to the Grantee by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of the Class C Stock acquired upon settlement of the Restricted Stock Units, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee's behalf pursuant to this authorization without further consent required); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of the Class C Stock to be issued upon settlement of the Restricted Stock Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)by any other method deemed by the Company to comply with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Data Privacy</u>. The Company is located at 101 Performance Drive Baltimore, MD 21230, U.S.A. and grants Restricted Stock Units to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. The Grantee acknowledges that he or she has reviewed the following information about the Company's data processing practices and declares his or her consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Collection and Usage</u>. The Company collects, processes and uses personal employee data, including name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, citizenship, job title, any shares of Class C Stock or directorships held in the Company, and details of all equity awards granted, canceled, vested or outstanding in the Grantee's favor, which the Company receives from the Grantee or the Employer ("<u>Data</u>"). If the Company grants the Grantee equity rights under the Plan, then the Company will collect the Grantee's Data for purposes of allocating shares of Class C Stock and implementing, administering and managing the Plan. The Company's legal basis for the collection, processing, and use of the Grantee's Data is the Grantee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Stock Plan Service Provider</u>. The Company transfers the Grantee's Data to The Charles Schwab Corporation, an independent service provider based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share my Data with another company that serves in a similar manner. The Company's service provider will open an account for the Grantee to receive and trade shares of Class C Stock. The Grantee will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to the Grantee's ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Voluntariness and Consequences of Consent, Denial or Withdrawal</u>. The Grantee's participation in the Plan and the Grantee's grant of consent hereunder is purely voluntary. The Grantee may deny or withdraw his or her consent at any time. If the Grantee does not consent, or if the Grantee later withdraws his or her consent, the Grantee may be unable to participate in the Plan. This would not affect the Grantee's existing

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employment or salary; instead, the Grantee merely may forfeit the opportunities associated with participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Data Retention</u>. The Grantee understands that the Grantee's Data will be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Data Subject Rights</u>. The Grantee understands that the Grantee may have the right under applicable law to (i) access or copy the Grantee's Data that the Company possesses, (ii) rectify incorrect Data concerning the Grantee, (iii) delete the Grantee's Data, (iv) restrict processing of the Grantee's Data, or (v) lodge complaints with the competent supervisory authorities in the Grantee's country of residence. To receive clarification regarding these rights or to exercise these rights, the Grantee understands that the Grantee can contact Human Resources at GlobalCompensationTeam@underarmour.com. The Company will process the Grantee's requests related to these rights as the law allows, which means in some cases there may be legal or other official reasons that Company may not be able to address the specific request related to the Grantee's rights to protect the Grantee's privacy. The Company will take steps to verify the Grantee identity before fulfilling any such request.

If the Grantee agrees with the data processing practices as described in this notice, he or she should declare his or her consent by clicking "Accept" on the Charles Schwab award acceptance page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Section 409A</u>. It is intended that the Restricted Stock Units awarded hereunder be exempt from the application of Section 409A of the Internal Revenue Code and applicable guidance thereunder ("<u>Section</u> <u>409A</u>") and the Plan and this Agreement shall be construed in a manner that effects such intent. However, the tax treatment of the benefits provided under the Plan or this Agreement is not warranted or guaranteed. Notwithstanding anything to the contrary, to the extent any amount or benefit would constitute non-exempt deferred compensation for purposes of Section 409A, the Plan and this Agreement shall be interpreted and administered in compliance with Section 409A, including the requirement that if the Company determines that the Grantee is a "specified employee" within the meaning of Section 409A, then to the extent any payment under this Agreement on account of the Grantee's separation from service would be considered nonqualified deferred compensation under Section 409A, such payment shall be delayed until the earlier of (a) the date that is six months and one day after the date of such separation from employment or (b) the date of the Grantee's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Electronic Delivery</u>. The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant the Grantee agrees that the Company may deliver the Plan prospectus and the Company's annual report to the Grantee in an electronic format. If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to receive, the Company would be pleased to provide copies. The Grantee should contact GlobalCompensationTeam@underarmour.com to request paper copies of these documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Counterparts; Electronic Signature</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. This Agreement may be signed by the Company through application of an authorized officer's signature, and may be signed by the Grantee through an electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland, without regard to the provisions governing conflict of laws. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Maryland, and agree that such litigation will be conducted in the jurisdiction and venue of the United States District Court for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland, and no other courts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Severability.</u> The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Grantee Acknowledgment</u>. The Grantee hereby acknowledges receipt of a copy of the Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board, or a Committee thereof, in respect of the Plan, this Agreement and this Award of Restricted Stock Units shall be final and conclusive.

The Company has caused this Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Agreement on the Grantee's own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the Plan as of the day and year first written above.

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| |
|:---|
| UNDER ARMOUR, INC. |
| By: |
| GRANTEE |

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## Exhibit 10.20

**Exhibit 10.20**

**FOURTH AMENDED AND RESTATED 2005 OMNIBUS** 

**LONG-TERM INCENTIVE PLAN**

**PERFORMANCE BASED RESTRICTED STOCK UNIT GRANT AGREEMENT**

THIS AGREEMENT, made as of ____________________, 2026, (the "<u>Agreement</u>") between UNDER ARMOUR, INC. (the "<u>Company</u>") and _____________________________ (the "<u>Grantee</u>").

WHEREAS, the Company has adopted the Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as may be further amended and restated (the "<u>Plan</u>"), which has been delivered or made available to the Grantee, to promote the interests of the Company and its stockholders by providing the Company's key employees and others with an appropriate incentive to encourage them to continue in the employ of the Company and to improve the growth and profitability of the Company; and

WHEREAS, the Plan provides for the grant to participants in the Plan of restricted share units, which may be settled in shares of the Company's Class C stock (the "<u>Class C Stock</u>").

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Adjusted Operating Income</u>" shall mean the Company's income from operations as reported in the Company's audited financial statements prepared in accordance with generally accepted accounting principles. The Human Capital and Compensation Committee's evaluation of Adjusted Operating Income shall exclude the impact of any generally accepted accounting principles changes implemented after the date hereof. In addition, in accordance with Section 17.3.4 of the Plan, the following impacts of acquisitions and divestitures shall be excluded from the Human Capital and Compensation Committee's evaluation of the Adjusted Operating Income: (i) goodwill impairment charges related to any acquisition or divestiture; (ii) non-capitalized deal costs related to any acquisition completed during the Performance Period; and (iii) the amortization of intangible assets acquired in any acquisition completed during the Performance Period. Further, in accordance with Section 17.3.4 of the Plan, the following items shall be excluded in the Human Capital and Compensation Committee's evaluation of Adjusted Operating Income: (A) with respect to any particular litigation, investigation, claim, judgment or settlement (a "Litigation Matter"), (x) any costs, expenses or losses incurred or recorded by the Company during the Performance Period related to a particular Litigation Matter or series of related Litigation Matters (which, for the avoidance of doubt, could be zero), *minus* (y) any recoveries (including insurance) recorded during the Performance Period related to such Litigation Matter or series of related Litigation Matters, if the absolute value of such figure related to a particular Litigation Matter or series of related Litigation Matters exceeds $1.0 million; provided that, for the avoidance of doubt, recoveries related to tariffs paid under the International Economic Emergency Powers Act, Section 122 of the Trade Act of 1974 or similar provisions shall not be considered recoveries in respect of a Litigation Matter; (B) any foreign exchange gains or losses incurred by the Company during the Performance Period arising from the impact of foreign currency changes (such impacts, "<u>Foreign Exchange Impacts</u>"), but only to the extent that the Foreign Exchange Impacts result from foreign currency exchange rates differing from those utilized by the Company at the time the Adjusted Operating Income thresholds were established for purposes of this Agreement, and are greater than the Foreign Exchange Impacts that would have resulted under such foreign currency exchange rates; (C) any impairment charges related to the write-down of the Company's (x) accounts receivable asset due to the bankruptcy of a customer of the Company, (y) investments made in non-equity method investees or (z) principal operating office, in each case to the extent such impairment charges exceed $1.0 million; (D) any restructuring program charges incurred by the Company during the Performance Period, and any asset write-downs implemented in connection therewith; and (E) any severance or similar compensation-related expense recorded by the Company during the Performance Period with respect to separating employees to the extent such expense related

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to a particular individual exceeds $1.0 million. Further, in accordance with the Plan, the Human Capital and Compensation Committee's evaluation of the Adjusted Operating Income shall account for tariff-related volatility in fiscal year 2027 as follows: (1) if the Company achieves an Adjusted Operating Income payout of greater than 100%, and Adjusted Operating Income achievement was positively impacted by changes to tariff rates or refunds as compared to those utilized or assumed by the Company at the time the Adjusted Operating Income thresholds were established for purposes of this Agreement (any such effect whether positive or negative, a "Tariff Change Impact"), then Adjusted Operating Income achievement shall be decreased by (x) the Tariff Change Impact or (y) if such reduction would yield an Adjusted Operating Income payout of less than 100%, the portion of the Tariff Change Impact required to yield an Adjusted Operating Income payout equal to 100%; and (2) if the Company achieves an Adjusted Operating Income payout of less than 50%, and Adjusted Operating Income achievement was negatively impacted by a Tariff Change Impact, then Adjusted Operating Income achievement shall be increased by (x) the Tariff Change Impact or (y) if such increase would yield an Adjusted Operating Income payout of greater than 50%, the portion of the Tariff Change Impact required to yield an Adjusted Operating Income payout equal to 50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Cause</u>" shall mean the occurrence of any of the following: (i) the Grantee's material misconduct or neglect in the performance of his or her duties; (ii) the Grantee'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; (iii) the Grantee's material breach of the Company's written Code of Conduct, as in effect from time to time; (iv) the Grantee's commission of any act that results in severe harm to the Company excluding any act taken by the Grantee in good faith that he or she reasonably believed was in the best interests of the Company; or (v) the Grantee's material breach of the Employee Confidentiality, Non-Competition and Non-Solicitation Agreement or the Employee Confidentiality and Non-Solicitation Agreement, as applicable, by and between the Grantee and the Company attached hereto as Attachment A or any other similar agreement entered into by the Grantee and the Company (the "<u>Confidentiality Agreement</u>"). However, none of the foregoing events or conditions will constitute Cause unless the Company provides the Grantee with written notice of the event or condition and thirty (30) days to cure such event or condition (if curable) and the event or condition is not cured within such 30-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"<u>Compensation Committee Certification</u>" shall mean the certification by the Human Capital and Compensation Committee of the Board with respect the Company's Adjusted Operating Income and Currency Neutral Net Revenue performance for the Performance Period, which certification determines the number of Earned RSUs that are eligible to vest pursuant to Section 6. Upon such certification, any Restricted Stock Units that are determined not to be Earned RSUs shall be immediately forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Currency Neutral Net Revenue</u>" shall mean the Company's net revenues as reported in the Company's audited financial statements prepared in accordance with generally accepted accounting principles. The Human Capital and Compensation Committee's evaluation of Currency Neutral Net Revenues shall exclude the impact of any generally accepted accounting principles changes implemented after the date hereof. In addition, in accordance with Section 17.3.4 of the Plan, the following item shall be excluded in the Human Capital and Compensation Committee's evaluation of the Currency Neutral Net Revenues: any Foreign Exchange Impacts, but only to the extent that the Foreign Exchange Impacts result from foreign currency exchange rates differing from those utilized by the Company at the time the Currency Neutral Net Revenues thresholds were established for purposes of this Agreement, and are greater than the Foreign Exchange Impacts that would have resulted under such foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Good Reason</u>" shall mean the occurrence of any of the following events: (i) a material diminishment in the scope of the Grantee's duties or responsibilities with the Company; (ii) a material reduction in the Grantee's current base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites; or (iii) a requirement that the Grantee relocate more than fifty (50) miles from his

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or her primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the Grantee's duties and responsibilities with the Company. However, none of the foregoing events or conditions will constitute Good Reason unless (A) the Grantee provides the Company with written objection to the event or condition within ninety (90) days following the occurrence thereof, (B) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving such written objection, and (C) the Grantee resigns his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"<u>Performance Period</u>" shall mean the Company's fiscal year 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Retirement</u>" shall mean the Grantee's voluntary termination from employment after attainment of age 62 with at least five (5) years of continuous service (or after other significant service to the Company, as determined to be satisfied by the Chief Executive Officer and the Chief Financial Officer of the Company in writing); provided, however, that the termination was not occasioned by a discharge for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)An award will qualify as a "<u>Substitute Award</u>" if it is assumed, substituted or replaced by a Successor with awards that, solely in the discretion of the Human Capital and Compensation Committee of the Board, preserves the existing value of the outstanding Restricted Stock Units at the time of the Change in Control and provides vesting and payout terms that are at least as favorable to the Grantee as the vesting and payout terms applicable to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Successor</u>" shall mean the continuing or successor organization, as the case may be, following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Restricted Stock Units</u>. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee an Award of Restricted Stock Units covering ________ shares of the Class C Stock (collectively, the "<u>Restricted Stock Units</u>"). The actual number of shares earned will be 0% to 200% of this target number of Restricted Stock Units depending on the achievement of applicable performance metrics as provided herein. The Purchase Price for the Restricted Stock Units shall be paid by the Grantee's services to the Company. The Grantee represents that the Restricted Stock Units are being acquired for investment and not with a view toward the distribution or sale thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Grant Date</u>. The Grant Date of the Restricted Stock Units hereby granted is May 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Incorporation of the Plan</u>. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of this Agreement, as interpreted by the Board, or a Committee thereof, shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Calculation of Earned Restricted Stock Units.</u> The Grantee is eligible to earn between 0% and 200% of the Restricted Stock Units, with 100% representing the "Target" amount of Restricted Stock Units, and 200% representing the "Maximum" amount of Restricted Stock Units. The number of Restricted Stock Units ultimately earned will depend on the extent to which the applicable performance metrics, Adjusted Operating Income and Currency Neutral Net Revenue, are satisfied during the Performance Period. The Restricted Stock Units will be earned based upon the Company's level of Adjusted Operating Income and Currency Neutral Net Revenue achieved during the Performance Period as determined in accordance with <u>Exhibit 1</u> (the "<u>Earned RSUs</u>"). The Earned RSUs will vest only to the extent the Grantee also satisfies the employment service and other requirements set forth in Section 6 below. Any Restricted Stock Units granted to the Grantee that are determined not to be Earned RSUs will be forfeited as of the Vesting Date. <u>Exhibit 1</u> is attached to this Agreement and incorporated herein and made a part hereof as if stated herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Vesting and Settlement of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Vesting</u>. The Earned RSUs shall vest in three equal installments on May 15, 2027 (or if later, the date of the Compensation Committee Certification), May 15, 2028 and May 15, 2029, with the first two installments rounded up or down to the nearest whole share and the third installment including the remaining shares, <u>provided</u> that (i) except as provided in Section 6(b), the Grantee remains continuously employed by the Company through each such applicable vesting date, and (ii) the Grantee has duly executed this Agreement within one (1) year of receipt of the Agreement. Any portion of the Restricted Stock Units granted to a Grantee that are determined not to be Earned RSUs shall be forfeited as of the first vesting date specified in the prior sentence. Except as provided in Section 6(b) or Section 7, all unvested Earned RSUs will be automatically forfeited if the Grantee terminates employment for any reason prior to the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Vesting Upon Death, Disability and Retirement</u>. Notwithstanding Section 6(a), in the event that the Grantee's employment with the Company is terminated upon the occurrence of an event specified in sub-clauses (i) through (iv) below, the Earned RSUs shall vest on the dates specified in sub-clauses (i) through (iv) (as applicable) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event the Grantee's death or Disability occurs prior to the first vesting date specified in Section 6(a), the number Restricted Stock Units deemed to be Earned RSUs will be 100% of the Restricted Stock Units, and all such Earned RSUs shall immediately vest on the date of the Grantee's death or termination of employment as a result of Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the event the Grantee's death or Disability occurs on or after the first vesting date specified in Section 6(a), 100% of the Earned RSUs determined under Section 5 shall immediately vest on the date of the Grantee's death or termination of employment as a result of Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In the event the Grantee's Retirement occurs prior to the first vesting date specified in Section 6(a), the following number of Restricted Stock Units deemed to be Earned RSUs: (A) the total number of Earned RSUs determined under Section 5 that the Grantee would have been entitled to receive on the first vesting date specified in Section 6(a) had the Grantee's Retirement not occurred prior to such first vesting date multiplied by (B) a fraction, the numerator of which is the number of months in the Performance Period during which the Grantee was continuously employed by the Company (rounded up to the nearest whole month), and the denominator of which is thirty-six (36). All such Earned RSUs shall vest on the first vesting date specified in Section 6(a). For the avoidance of doubt, any Restricted Stock Units or Earned RSUs that did not vest pursuant to the preceding sentence shall be forfeited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)(iv) In the event the Grantee's Retirement occurs on or after the first vesting date specified in Section 6(a), 100% of the Earned RSUs determined under Section 5 shall immediately vest on such date of Retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Settlement of Awards</u>. On the first business day after each vesting date described in Sections 6(a) or 6(b), as applicable, the Company shall deliver to the Grantee the number of shares of the Class C Stock to which Grantee's vested Earned RSUs relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of a Change in Control in which the Restricted Stock Units will not be continued, assumed or substituted with Substitute Awards, (i) if the Change in Control occurs on or after the first vesting date specified in Section 6(a), 100% of the Earned RSUs shall vest in full on the day immediately prior to the date of the consummation of the transaction(s) that constitutes the Change in Control, and (ii) if the Change in Control occurs prior to the first vesting date specified in Section 6(a), the

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number Restricted Stock Units deemed to be Earned RSUs will be 100% of the Restricted Stock Units, and all such Earned RSUs vest in full on the day immediately prior to the consummation of the transaction(s) that constitutes the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Change in Control following which the Restricted Stock Units will be continued, assumed or substituted with Substitute Awards, (i) if the Change in Control occurs prior to first vesting date specified in Section 6(a), the number of such Substitute Awards shall be equivalent to 100% of the Restricted Stock Units, and shall vest in the percentages and on the dates set forth in Section 6(a) or 6(b) of this Agreement, as applicable, and (ii) if the Change in Control occurs on or after the first vesting date specified in Section 6(a), the number of such Substitute Awards shall be equivalent to 100% of the Earned RSUs determined under Section 5, and shall vest in the percentages and on the dates set forth in Section 6(a) or 6(b) of this Agreement, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Restricted Stock Units are substituted with Substitute Awards as set forth in Section 7(b) above, and within two (2) years following the Change in Control the Grantee is terminated by the Successor (or an affiliate thereof) without Cause or resigns for Good Reason, the Substitute Awards shall immediately vest upon such termination or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On the first business day after each vesting date set forth in Sections 7(a), (b), or (c), as applicable, the Company shall deliver to the Grantee the shares of the Class C Stock to which Grantee's vested Earned RSUs or Substitute Awards, as applicable, relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Forfeiture</u>. Subject to the provisions of the Plan and Sections 6 and 7 of this Agreement, with respect to the Restricted Stock Units which have not become vested on the date the Grantee's employment terminates, the Award of Restricted Stock Units shall expire and such unvested Restricted Stock Units shall immediately be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Employee Confidentiality Agreement</u>. As a condition to the grant of the Restricted Stock Units, the Grantee shall have executed and become a party to the Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>No Shareholder Right</u>s. The Grantee does not have any rights of a shareholder with respect to the Restricted Stock Units. No dividend equivalents will be earned or paid with regard to the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Integration</u>. This Agreement and the Plan (including the Confidentiality Agreement) contain the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Withholding Taxes</u>. The Grantee agrees, as a condition of this grant, that the Grantee will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of vesting of the Restricted Stock Units, Earned RSUs or delivery of the Class C Stock or other shares acquired in connection with this Award. In the event that the Company determines that any federal, state, local, municipal or foreign tax or withholding payment is required relating to the vesting of the Restricted Stock Units, Earned RSUs or delivery of the Class C Stock or other shares acquired in connection with

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this Award, the Company shall have the right to require such payments from the Grantee in the form and manner as provided in the Plan. The Grantee authorizes the Company at its discretion to satisfy its withholding obligations, if any, by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the extent permitted by applicable laws, withholding from the Grantee's wages or other cash compensation paid to the Grantee by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of the Class C Stock acquired upon settlement of the Restricted Stock Units and/or the Earned RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee's behalf pursuant to this authorization without further consent required); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of the Class C Stock to be issued upon settlement of the Restricted Stock Units or Earned RSUs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)by any other method deemed by the Company to comply with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Data Privacy</u>. The Company is located at 1020 Hull Street Baltimore, MD 21230-2080, U.S.A. and grants Restricted Stock Units to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. The Grantee acknowledges that he or she has reviewed the following information about the Company's data processing practices and declares his or her consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Collection and Usage</u>. The Company collects, processes and uses personal employee data, including name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, citizenship, job title, any shares of Class C Stock or directorships held in the Company, and details of all equity awards granted, canceled, vested or outstanding in the Grantee's favor, which the Company receives from the Grantee or the Employer ("<u>Data</u>"). If the Company grants the Grantee equity rights under the Plan, then the Company will collect the Grantee's Data for purposes of allocating shares of Class C Stock and implementing, administering and managing the Plan. The Company's legal basis for the collection, processing, and use of the Grantee's Data is the Grantee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Stock Plan Service Provider</u>. The Company transfers the Grantee's Data to The Charles Schwab Corporation, an independent service provider based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share my Data with another company that serves in a similar manner. The Company's service provider will open an account for the Grantee to receive and trade shares of Class C Stock. The Grantee will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to the Grantee's ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Voluntariness and Consequences of Consent, Denial or Withdrawal</u>. The Grantee's participation in the Plan and the Grantee's grant of consent hereunder is purely voluntary. The Grantee may deny or withdraw his or her consent at any time. If the Grantee does not consent, or if the Grantee later withdraws his or her consent, the Grantee may be unable to participate in the Plan. This would not affect the Grantee's existing employment or salary; instead, the Grantee merely may forfeit the opportunities associated with participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Data Retention</u>. The Grantee understands that the Grantee's Data will be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Data Subject Rights</u>. The Grantee understands that the Grantee may have the right under applicable law to (i) access or copy the Grantee's Data that the Company possesses, (ii) rectify incorrect Data concerning the Grantee, (iii) delete the Grantee's Data, (iv) restrict processing of the Grantee's Data, or (v) lodge complaints with the competent supervisory authorities in the Grantee's country of residence. To receive clarification regarding these rights or to exercise these rights, the Grantee understands that the Grantee can contact Human Resources at GlobalCompensationTeam@underarmour.com. The Company will process the Grantee's requests related to these rights as the law allows, which means in some cases there may be legal or other official reasons that Company may not be able to address the specific request related to the Grantee's rights to protect the Grantee's privacy. The Company will take steps to verify the Grantee identity before fulfilling any such request.

If the Grantee agrees with the data processing practices as described in this notice, he or she should declare his or her consent by clicking "Accept" on the Charles Schwab award acceptance page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Section 409A</u>. It is intended that the Restricted Stock Units awarded hereunder be exempt from the application of Section 409A of the Internal Revenue Code and applicable guidance thereunder ("<u>Section 409A</u>") and the Plan and this Agreement shall be construed in a manner that effects such intent. However, the tax treatment of the benefits provided under the Plan or this Agreement is not warranted or guaranteed. Notwithstanding anything to the contrary, to the extent any amount or benefit would constitute non-exempt deferred compensation for purposes of Section 409A, the Plan and this Agreement shall be interpreted and administered in compliance with Section 409A, including the requirement that if the Company determines that the Grantee is a "specified employee" within the meaning of Section 409A, then to the extent any payment under this Agreement on account of the Grantee's separation from service would be considered nonqualified deferred compensation under Section 409A, such payment shall be delayed until the earlier of (a) the date that is six months and one day after the date of such separation from employment or (b) the date of the Grantee's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Electronic Delivery</u>. The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant the Grantee agrees that the Company may deliver the Plan prospectus and the Company's annual report to the Grantee in an electronic format. If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to receive, the Company would be pleased to provide copies. The Grantee should contact GlobalCompensationTeam@underarmour.com to request paper copies of these documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Counterparts; Electronic Signature</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. This Agreement may be signed by the Company through application of an authorized officer's signature, and may be signed by the Grantee through an electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland, without regard to the provisions governing conflict of laws. For purposes of litigating any dispute that arises under this Award of Restricted Stock Units or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Maryland, and agree that such litigation will be conducted in the jurisdiction and venue of the United States District Court for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Severability.</u> The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Grantee Acknowledgment</u>. The Grantee hereby acknowledges receipt of a copy of the Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the

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Board, or a Committee thereof, in respect of the Plan, this Agreement and this Award of Restricted Stock Units shall be final and conclusive.

The Company has caused this Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Agreement on the Grantee's own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the Plan as of the day and year first written above.

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| |
|:---|
| UNDER ARMOUR, INC. |
| By: |
| GRANTEE |

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EXHIBIT 1

PERFORMANCE METRICS SCHEDULE

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| | | | |
|:---|:---|:---|:---|
| | **Threshold (50%)** | **Target (100%)** | **Maximum (200%)** |
| ***Currency Neutral Net Revenue (35% Weight)*** | **$____** | **$____** | **$____** |
| ***Adjusted Operating Income <br>(65% Weight)*** | **$____** | **$____** | **$____** |

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Performance falling between Performance Metrics listed above will be calculated based on straight-line interpolation. 50% of the Restricted Stock Units granted will be eligible to be earned based on Currency Neutral Net Revenue Performance Metrics; 50% of the Restricted Stock Units granted will be eligible to be earned based on Adjusted Operating Income Metrics. Whether Performance Metrics have been met, to what extent and the number of Restricted Stock Units eligible to be earned pursuant to this Exhibit 1 shall be determined by the Human Capital and Compensation Committee in its sole discretion.

Example 1: Grantee is awarded 10,000 Restricted Stock Units. For the Performance Period, the Company achieves Currency Neutral Net Revenue of $____ and Adjusted Operating Income of $____. Based on the above chart, Grantee will earn 9,043 Earned RSUs based on 1,778 RSUs from Currency Neutral Net Revenue (3,500 x 51%) and 7,264 RSUs from Adjusted Operating Income (6,500 x 112%).\*

Example 2: Grantee is awarded 10,000 Restricted Stock Units. For the Performance Period, the Company achieves Currency Neutral Net Revenue of $____ and Adjusted Operating Income of $____. Based on the above chart, Grantee will earn 11,161 Earned RSUs based on 6,044 RSUs from Currency Neutral Net Revenue (3,500 x 173%) and 5,117 RSUs from Adjusted Operating Income (6,500 x 79%).\*

\*Examples are provided solely for illustrative purposes. Actual performance is uncertain.

## Exhibit 10.31

**Exhibit 10.31**

**RESTRICTED CASH AWARD AGREEMENT**

THIS AGREEMENT, made as of ____________________, 2026, (the "<u>Agreement</u>") between UNDER ARMOUR, INC. (the "<u>Company</u>") and _____________________________ (the "<u>Grantee</u>").

In consideration of the promises and the mutual covenants set forth herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" shall mean the occurrence of any of the following: (i) the Grantee's material misconduct or neglect in the performance of his or her duties; (ii) the Grantee'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; (iii) the Grantee's material breach of the Company's written Code of Conduct, as in effect from time to time; (iv) the Grantee's commission of any act that results in severe harm to the Company, excluding any act taken by the Grantee in good faith that he or she reasonably believed was in the best interests of the Company; or (v) the Grantee's material breach of the Employee Confidentiality, Non-Competition and Non-Solicitation Agreement or the Employee Confidentiality and Non-Solicitation Agreement, as applicable, by and between the Grantee and the Company, or any other similar agreement containing post-employment obligations to the Company, such as nondisclosure, noncompetition, and/or nonsolicitation, entered into by the Grantee and the Company or any subsidiary thereof (the "<u>Confidentiality Agreement</u>"). However, none of the foregoing events or conditions will constitute Cause unless the Company provides the Grantee with written notice of the event or condition and thirty (30) days to cure such event or condition (if curable) and the event or condition is not cured within such 30-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Change in Control</u>" means a "change in ownership," a "change in effective control" or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)"Disability" means a physical or mental condition of the Grantee with respect to which the Grantee is eligible for benefits under a long-term disability plan sponsored by the Company or an affiliate or would be eligible if the Grantee had purchased coverage under such long-term disability plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Good Reason</u>" shall mean the occurrence of any of the following events: (i) a material diminishment in the scope of the Grantee's duties or responsibilities with the Company; (ii) a material reduction in the Grantee's current base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites; or (iii) a requirement that the Grantee relocate more than fifty (50) miles from his or her primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the Grantee's duties and responsibilities with the Company. However, none of the foregoing events or conditions will constitute Good Reason unless (A) the Grantee provides the Company with written objection to the event or condition within ninety (90) days following the occurrence thereof, (B) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving such written objection, and (C) the Grantee resigns his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Retirement</u>" shall mean the Grantee's voluntary termination from employment after attainment of age 62 with at least five (5) years of continuous service (or after other significant service to the Company, as determined to be satisfied by the Chief Executive Officer and the Chief Financial Officer of the Company in writing); <u>provided</u>, however, that the termination was not occasioned by a discharge for Cause. Notwithstanding the foregoing, if the Grantee's employment is terminated involuntarily pursuant to a restructuring plan approved by the Company's Board of Directors and the Grantee otherwise satisfies

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the requirements of "Retirement" as set forth in this Agreement on the termination date, such involuntarily termination shall be deemed a Retirement for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)"Section 409A" means Section 409A of the Internal Revenue Code and the regulations and guidance promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)"<u>Successor</u>" shall mean the continuing or successor organization, as the case may be, following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Restricted Cash Award</u>. Pursuant to, and subject to, the terms and conditions set forth herein, the Company hereby grants to the Grantee a cash award of $_____ (the "<u>Award</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Grant Date</u>. The Grant Date of the Award hereby granted is May 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.[Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Vesting and Settlement of Award</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Vesting</u>. The Award shall vest in three equal installments on May 15, 2027, May 15, 2028 and May 15, 2029; <u>provided</u> that (i) the Grantee remains continuously employed by the Company through each such applicable vesting date, and (ii) the Grantee has duly executed this Agreement within one (1) year of receipt of the Agreement. Except as provided in Section 5(b) or Section 6, all unvested portions of the Award will be automatically forfeited if the Grantee terminates employment for any reason prior the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Special Vesting Upon Death, Disability and Retirement</u>. Notwithstanding Section 5(a), in the event that the Grantee's employment with the Company is terminated upon the occurrence of an event specified in sub-clauses (i) or (ii) below, the unvested portion of the Award shall vest on the dates specified in sub-clauses (i) or (ii) (as applicable) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.In the event of the Grantee's death or Disability at any time, the unvested portion of the Award not previously forfeited shall immediately vest on the date of the Grantee's death or termination of employment as a result of Disability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.In the event of the Grantee's Retirement, (A) if the Grantee's date of Retirement is on or after the first vesting date specified in Section 5(a), the unvested portion of the Award shall immediately vest on such date of Retirement and (B) if the Grantee's date of Retirement is before the first vesting date specified in Section 5(a), the following portion of the Award will vest: (x) the full value of the Award covered by this Agreement, multiplied by (y) a fraction, the numerator of which is the number of months immediately following the Grant Date during which the Grantee was continuously employed by the Company (rounded up to the nearest whole month) and the denominator of which is the number of months between the Grant Date and the final vesting date as specified by Section 5(a) (rounded to the nearest whole month). For the avoidance of doubt, if the Grantee's date of Retirement is before the first vesting date specified in Section 5(a), the portion of the Award that did not vest in accordance with the preceding sentence shall be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Settlement of Award</u>. Within the first full pay period after each vesting date described in Sections 5(a) or 5(b), as applicable, the Company shall pay to the Grantee a lump sum cash amount equal to the applicable portion of the vested Award .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of a Change in Control in which the Award will not be continued, the unvested portion of the Award not otherwise forfeited shall vest in full on the day immediately prior to the date of the consummation of the transaction(s) that constitutes the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Change in Control following which the Award will be continued, the Award shall vest on the dates set forth in Section 5(a) or 5(b), as applicable, of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Award is continued as set forth in Section 6(b) above, and within two (2) years following the Change in Control the Grantee is terminated by the Successor (or an affiliate thereof) without Cause or resigns for Good Reason, the Award shall immediately vest upon such termination or resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Within the first full pay period after each vesting date set forth in Sections 6(a), (b) or (c), as applicable, the Company shall pay to the Grantee a lump sum cash payment equal to the applicable portion of the vested Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Forfeiture</u>. Subject to the provisions of Sections 5 and 6 of this Agreement, with respect to the portion of the Award that does not vest on the date the Grantee's employment terminates, the Award shall expire and such unvested portion of the Award shall immediately be forfeited on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Employee Confidentiality Agreement</u>. As a condition to the grant of the Award, the Grantee shall have executed and become a party to the Confidentiality Agreement. To the extent permitted under applicable law, the Grantee hereby acknowledges and agrees that such Confidentiality Agreement remains in full force and effect, subject to the terms therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.[Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Integration</u>. This Agreement (including the Confidentiality Agreement) contains the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Withholding Taxes</u>. The Company shall withhold from the Award any and all taxes that the Company determines to be required pursuant to any law, regulation, or ruling. The Company shall have the right to require the Grantee to remit to the Company, or to withhold from other amounts payable to the Grantee, as compensation or otherwise, an amount sufficient to satisfy all federal, state and local withholding tax requirements as a result of the Award..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Data Privacy</u>. The Company is located at 101 Performance Drive Baltimore, MD 21230, U.S.A. and grants awards to employees of the Company and its Subsidiaries and affiliates, at the Company's sole discretion. The Grantee acknowledges that he or she has reviewed the following information about the Company's data processing practices and declares his or her consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Collection and Usage</u>. The Company collects, processes and uses personal employee data, including name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, citizenship, job title, any shares of stock or directorships held in the Company, and details of all equity awards and certain cash awards granted, canceled, vested or outstanding in the Grantee's favor, which the Company receives from the Grantee or the Employer ("<u>Data</u>"). If the Company grants the Grantee a cash award, then the Company will collect the Grantee's Data for purposes of implementing, administering and managing such award. The Company's legal basis for the collection, processing, and use of the Grantee's Data is the Grantee's consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Third-Party Administrator</u>. The Company may transfer the Grantee's Data to The Charles Schwab Corporation, an independent service provider based in the United States, which assists the Company with the implementation, administration and management of cash and equity awards. In the future, the Company may select a different service provider and share my Data with another company that serves in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Voluntariness and Consequences of Consent, Denial or Withdrawal</u>. The Grantee's grant of consent hereunder is purely voluntary. The Grantee may deny or withdraw his or her consent at any time. If the Grantee does not consent, or if the Grantee later withdraws his or her consent, the Grantee may be unable to receive any payout of the Award. This would not affect the Grantee's existing employment or salary; instead, the Grantee merely may forfeit the opportunities associated with the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Data Retention</u>. The Grantee understands that the Grantee's Data will be held only as long as is necessary to implement, administer and manage the Grantee's Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Data Subject Rights</u>. The Grantee understands that the Grantee may have the right under applicable law to (i) access or copy the Grantee's Data that the Company possesses, (ii) rectify incorrect Data concerning the Grantee, (iii) delete the Grantee's Data, (iv) restrict processing of the Grantee's Data, or (v) lodge complaints with the competent supervisory authorities in the Grantee's country of residence. To receive clarification regarding these rights or to exercise these rights, the Grantee understands that the Grantee can contact Human Resources at GlobalCompensationTeam@underarmour.com. The Company will process the Grantee's requests related to these rights as the law allows, which means in some cases there may be legal or other official reasons that Company may not be able to address the specific request related to the Grantee's rights to protect the Grantee's privacy. The Company will take steps to verify the Grantee identity before fulfilling any such request.

If the Grantee agrees with the data processing practices as described in this notice, he or she should declare his or her consent by clicking "Accept" on the Charles Schwab award acceptance page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Section 409A</u>. It is intended that the Award be exempt from, or comply with, Section 409A and this Agreement shall be construed in a manner that effects such intent. However, the tax treatment of the Award provided under this Agreement is not warranted or guaranteed. A termination of employment shall not be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts subject to Section 409A upon or following a termination of employment unless such termination is also a "separation from service" within the meaning of Section 409A and references to "termination," "termination of employment" or like terms shall mean "separation from service," within the meaning of Section 409A, from the Company. Notwithstanding anything to the contrary, to the extent any amount would constitute non-exempt deferred compensation for purposes of Section 409A, this Agreement shall be interpreted and administered in compliance with Section 409A, including the requirement that if the Company determines that the Grantee is a "specified employee" within the meaning of Section 409A, then to the extent any payment under this Agreement on account of the Grantee's separation from service would be considered nonqualified deferred compensation under Section 409A, such payment shall be delayed until the earlier of (a) the date that is six (6) months and one day after the date of such separation from employment or (b) the date of the Grantee's death. For purposes of Section 409A, Grantee's right to receive any installment payment will be treated as a right to receive a series of separate and distinct payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.[Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Counterparts; Electronic Signature</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the

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same instrument. This Agreement may be signed by the Company through application of an authorized officer's signature, and may be signed by the Grantee through an electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland, without regard to the provisions governing conflict of laws. For purposes of litigating any dispute that arises under this Award or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Maryland, and agree that such litigation will be conducted in the jurisdiction and venue of the United States District Court for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Severability.</u> The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Grantee Acknowledgment</u>. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Company's Board of Directors, or a committee thereof, in respect of this Agreement and this Award shall be final and conclusive.

The Company has caused this Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Agreement on the Grantee's own behalf, thereby representing that the Grantee has carefully read and understands this Agreement as of the day and year first written above.

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| |
|:---|
| UNDER ARMOUR, INC. |
| By: |
| GRANTEE |

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## Exhibit 10.33

**Exhibit 10.33**

**FOURTH AMENDED AND RESTATED 2005 OMNIBUS**

**LONG-TERM INCENTIVE PLAN**

**TIME BASED OPTION GRANT AGREEMENT**

THIS AGREEMENT, made as of _________________, 2026, (the "<u>Agreement</u>") between UNDER ARMOUR, INC. (the "<u>Company</u>") and _________________________ (the "<u>Grantee</u>").

WHEREAS, the Company has adopted the Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as may be further amended and restated (the "<u>Plan</u>"), which has been delivered or made available to the Grantee, to promote the interests of the Company and its stockholders by providing the Company's key employees and others with an appropriate incentive to encourage them to continue in the employ of the Company and to improve the growth and profitability of the Company; and

WHEREAS, the Plan provides for the grant to participants in the Plan of Options to purchase the Company's Class C Shares (the "<u>Class C Stock</u>").

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" shall mean the occurrence of any of the following: (i) the Grantee's material misconduct or neglect in the performance of his or her duties; (ii) the Grantee'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; (iii) the Grantee's material breach of the Company's written Code of Conduct, as in effect from time to time; (iv) the Grantee's commission of any act that results in severe harm to the Company excluding any act taken by the Grantee in good faith that he or she reasonably believed was in the best interests of the Company; or (v) the Grantee's material breach of the Employee Confidentiality, Non-Competition and Non-Solicitation Agreement or the Employee Confidentiality and Non-Solicitation Agreement, as applicable, by and between the Grantee and the Company, or any other similar agreement containing post-employment obligations to the Company, such as nondisclosure, noncompetition, and/or nonsolicitation, entered into by the Grantee and the Company or any subsidiary thereof (the "<u>Confidentiality Agreement</u>"). However, none of the foregoing events or conditions will constitute Cause unless the Company provides the Grantee with written notice of the event or condition and thirty (30) days to cure such event or condition (if curable) and the event or condition is not cured within such thirty (30)-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Good Reason</u>" shall mean the occurrence of any of the following events: (i) a material diminishment in the scope of the Grantee's duties or responsibilities with the Company; (ii) a material reduction in the Grantee's current base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites; or (iii) a requirement that the Grantee relocate more than fifty (50) miles from his or her primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the Grantee's duties and responsibilities with the Company. However, none of the foregoing events or conditions will constitute Good Reason unless (A) the Grantee provides the Company with written objection to the event or condition within ninety (90) days following the occurrence thereof, (B) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving such written objection, and (C) the Grantee resigns his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)An award will qualify as a "<u>Substitute Award</u>" if it is assumed, substituted or replaced by a Successor with awards that, solely in the discretion of the Human Capital and

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Compensation Committee of the Board, preserves the existing value of the outstanding Options at the time of the Change in Control and provides vesting and payout terms that are at least as favorable to the Grantee as the vesting and payout terms applicable to the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Successor</u>" shall mean the continuing or successor organization, as the case may be, following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Options</u>. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee a non-qualified stock option to purchase ________ shares of Class C Stock (the "<u>Option</u>"). The Grantee represents that the Options are being acquired for investment and not with a view toward the distribution or sale thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Grant Date</u>. The grant date of the Option hereby granted is ___________, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Incorporation of the Plan</u>. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of this Agreement, as interpreted by the Board, or a Committee thereof, shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Option Price</u>. The exercise price per share of Class C Stock underlying the Option is $______________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Vesting of the Option</u>. Except as provided in Sections 8 and 9 below, the Option shall vest in accordance with <u>Exhibit 1</u> (which is attached to this Agreement and incorporated herein and made a part hereof as if stated herein); <u>provided</u> that (i) the Grantee remains continuously employed by the Company through each such applicable within one (1) year of receipt of the Agreement. Except as provided in Section 8 or 9, all unvested Options will be automatically forfeited if the Grantee terminates Service for any reason prior the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Term</u>. Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, all unexercised portions of the Option shall terminate, and all rights to purchase shares of Class C Stock thereunder shall cease, upon the expiration of ten (10) years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Termination of Service</u>*.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination of Service due to Death or Disability</u>. Notwithstanding Section 6, in the event that the Grantee's Service with the Company is terminated in the event of the Grantee's death or Disability at any time, all unvested Options not previously forfeited shall immediately vest on the date of termination and the Options shall terminate one hundred eighty (180) days following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Service for Cause</u>*.* Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, all unexercised portions of the Option, whether vested or unvested, will terminate and be forfeited upon a termination of the Grantee's Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination of Service other than for Cause, Death or Disability</u>. Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, the vested portion of the Option shall terminate thirty (30) days following the termination of the Grantee's Service for any other reason other than for Cause, death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Forfeiture of Unvested Option</u>. Subject to the provisions of the Plan and Sections 8 and 9 of this Agreement, any portion of the Option which is unvested as of the date of termination of Service shall immediately terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Post Termination Exercise</u>. The Grantee (or the Grantee's guardian, legal representative, executor, personal representative or the person to whom the Option shall have been transferred by will or the laws of descent and distribution, as the case may be) may exercise all or any

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part of the vested portion of the Option during such post termination of employment period provided above, but not later than the end of the term of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of a Change in Control in which the Options will not be continued, assumed or substituted with Substitute Awards, all of the Options not otherwise forfeited will vest in full on the day immediately prior to the date of the consummation of the transaction(s) that constitutes the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Change in Control following which the Options will be continued, assumed or substituted with Substitute Awards, any Substitute Awards shall continue to vest on the dates set forth in Section 6 or 8, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Options are substituted with Substitute Awards as set forth in Section 9(b) above, and within two (2) years following the Change in Control the Grantee's Service is terminated by the Successor (or an affiliate thereof) without Cause or the Grantee resigns for Good Reason, the Substitute Awards shall immediately vest upon such termination or resignation and shall be exercisable for thirty (30) days following the termination of the Grantee's Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Employee Confidentiality Agreement</u>. As a condition to the grant of the Options, the Grantee shall have executed and become a party to the Confidentiality Agreement. To the extent permitted under applicable law, the Grantee hereby acknowledges and agrees that such Confidentiality Agreement remains in full force and effect, subject to the terms therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>No Shareholder Rights</u>. The Grantee does not have any rights of a shareholder with respect to the Class C Stock subject to the Option, nor have any rights to dividends or other rights as a shareholder with respect to any such Class C Stock, until the Grantee has exercised the Option in accordance with the provisions hereof and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Transferability of Options</u>. During the lifetime of the Grantee, only the Grantee or a Family Member who received all or part of the Option, not for value, (or, in the event of legal incapacity or incompetence, the Grantee's guardian or legal representative) may exercise the Option. The Option shall not be assignable or transferable by the Grantee other than to a Family Member, not for value, or by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Manner of Exercise</u>. The vested portion of the Option may be exercised, in whole or in part, by delivering written notice to the equity plan administrator designated by the Company ("<u>Administrator</u>"). Such notice may be in electronic or other form as used by the Administrator in its ordinary course of business and as may be amended from time to time, and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)state the election to exercise the Option and the number of shares in respect of which it is being exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)be accompanied by (i) cash, check, bank draft or money order in the amount of the Option Price payable to the order of the Administrator designated by the Company; or (ii) certificates for shares of the Company's Class C Stock (together with duly executed stock powers) or other written authorization as may be required by the Company to transfer shares of such Class C Stock to the

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Company, with an aggregate value equal to the Option Price of the Class C Stock being acquired; or (iii) a combination of the consideration described in clauses (i) and (ii). The Grantee may transfer Class C Stock to pay the Option Price for Class C Stock being acquired pursuant to clauses (ii) and (iii) above only if such transferred Class C Stock (x) was acquired by the Grantee in open market transactions, (y) has been owned by Grantee for longer than six (6) months, and (z) the Grantee is not subject to any other restrictions on transferring Company securities pursuant to Company policy or federal law.

In addition to the exercise methods described above and subject to other restrictions which may apply, the Grantee may exercise the Option through a procedure known as a "cashless exercise," whereby the Grantee delivers to the Administrator designated by the Company an irrevocable notice of exercise in exchange for the Company issuing shares of the Company's Class C Stock subject to the Option to a broker previously designated or approved by the Company, versus payment of the Option Price by the broker to the Company, to the extent permitted by the Committee or the Company and subject to such rules and procedures as the Committee or the Company may determine. Grantee may elect to satisfy any tax withholding obligations due upon exercise of the Option, in whole or in part, by delivering to the Company shares of Class C Stock otherwise deliverable upon exercise of the Option as provided under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Integration</u>. This Agreement and the Plan including the Confidentiality Agreement contain the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Withholding Taxes</u>. The Grantee agrees, as a condition of this grant, that the Grantee will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of exercise of the Options or delivery of the Class C Stock or other shares acquired in connection with the Option. In the event that the Company determines that any federal, state, local, municipal or foreign tax or withholding payment is required relating to the exercise of the Option or delivery of the Class C Stock or other shares acquired in connection with the Option, the Company shall have the right to require such payments from the Grantee in the form and manner as provided in the Plan. The Grantee authorizes the Company at its discretion to satisfy its withholding obligations, if any, by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the extent permitted by applicable laws, withholding from the Grantee's wages or other cash compensation paid to the Grantee by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of the Class C Stock acquired upon exercise of the Option, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee's behalf pursuant to this authorization without further consent required); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of the Class C Stock to be issued upon exercise of the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)by any other method deemed by the Company to comply with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Data Privacy</u>. The Company is located at 101 Performance Drive Baltimore, MD 21230, U.S.A. and grants Options to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. The Grantee acknowledges that he or she has reviewed the following information about the Company's data processing practices and declares his or her consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Collection and Usage</u>. The Company collects, processes and uses personal employee data, including name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, citizenship, job title, any shares of Class C Stock or directorships held in the Company, and details of all equity awards granted, canceled, vested or outstanding in the Grantee's favor, which the Company receives from the Grantee or the

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employer ("<u>Data</u>"). If the Company grants the Grantee equity rights under the Plan, then the Company will collect the Grantee's Data for purposes of allocating shares of Class C Stock and implementing, administering and managing the Plan. The Company's legal basis for the collection, processing, and use of the Grantee's Data is the Grantee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Stock Plan Service Provider</u>. The Company transfers the Grantee's Data to The Charles Schwab Corporation, an independent service provider based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share my Data with another company that serves in a similar manner. The Company's service provider will open an account for the Grantee to receive and trade shares of Class C Stock. The Grantee will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to the Grantee's ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Voluntariness and Consequences of Consent, Denial or Withdrawal</u>. The Grantee's participation in the Plan and the Grantee's grant of consent hereunder is purely voluntary. The Grantee may deny or withdraw his or her consent at any time. If the Grantee does not consent, or if the Grantee later withdraws his or her consent, the Grantee may be unable to participate in the Plan. This would not affect the Grantee's existing employment or salary; instead, the Grantee merely may forfeit the opportunities associated with participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Data Retention</u>. The Grantee understands that the Grantee's Data will be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Data Subject Rights</u>. The Grantee understands that the Grantee may have the right under applicable law to (i) access or copy the Grantee's Data that the Company possesses, (ii) rectify incorrect Data concerning the Grantee, (iii) delete the Grantee's Data, (iv) restrict processing of the Grantee's Data, or (v) lodge complaints with the competent supervisory authorities in the Grantee's country of residence. To receive clarification regarding these rights or to exercise these rights, the Grantee understands that the Grantee can contact Human Resources at GlobalCompensationTeam@underarmour.com. The Company will process the Grantee's requests related to these rights as the law allows, which means in some cases there may be legal or other official reasons that Company may not be able to address the specific request related to the Grantee's rights to protect the Grantee's privacy. The Company will take steps to verify the Grantee identity before fulfilling any such request.

If the Grantee agrees with the data processing practices as described in this notice, he or she should declare his or her consent by clicking "Accept" on the Charles Schwab award acceptance page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Electronic Delivery</u>. The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant the Grantee agrees that the Company may deliver the Plan prospectus and the Company's annual report to the Grantee in an electronic format. If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to receive, the Company would be pleased to provide copies. The Grantee should contact GlobalCompensationTeam@underarmour.com to request paper copies of these documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Counterparts; Electronic Signature</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. This Agreement may be signed by the Company through application of an authorized officer's signature, and may be signed by the Grantee through an electronic signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland, without regard to the provisions governing conflict of laws. For purposes of litigating any dispute that arises under this Award of Options or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Maryland, and agree that such litigation will be conducted in the jurisdiction and venue of the United States District Court

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for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Severability</u>. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Grantee Acknowledgment</u>. The Grantee hereby acknowledges receipt of a copy of the Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board, or a Committee thereof, in respect of the Plan, this Agreement and this Award of Options shall be final and conclusive.

The Company has caused this Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Agreement on the Grantee's own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the Plan as of the day and year first written above.

---

| |
|:---|
| UNDER ARMOUR, INC. |
| By: |
| GRANTEE |

---

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EXHIBIT 1

VESTING SCHEDULE

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| | |
|:---|:---|
| **Vesting Date** | **Percentage of the Option Vesting** |

---

## Exhibit 10.34

**Exhibit 10.34**

**FOURTH AMENDED AND RESTATED 2005 OMNIBUS**

**LONG-TERM INCENTIVE PLAN**

**TIME BASED OPTION GRANT AGREEMENT**

THIS AGREEMENT, made as of __________, (the "<u>Agreement</u>") between UNDER ARMOUR, INC. (the "<u>Company</u>") and Reza Taleghani (the "<u>Grantee</u>").

WHEREAS, the Company has adopted the Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as may be further amended and restated (the "<u>Plan</u>"), which has been delivered or made available to the Grantee, to promote the interests of the Company and its stockholders by providing the Company's key employees and others with an appropriate incentive to encourage them to continue in the employ of the Company and to improve the growth and profitability of the Company; and

WHEREAS, the Plan provides for the grant to participants in the Plan of Options to purchase the Company's Class C Shares (the "<u>Class C Stock</u>").

NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)"<u>Cause</u>" shall mean the occurrence of any of the following: (i) the Grantee's material misconduct or neglect in the performance of his or her duties; (ii) the Grantee'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; (iii) the Grantee's material breach of the Company's written Code of Conduct, as in effect from time to time; (iv) the Grantee's commission of any act that results in severe harm to the Company excluding any act taken by the Grantee in good faith that he or she reasonably believed was in the best interests of the Company; or (v) the Grantee's material breach of the Employee Confidentiality, Non-Competition and Non-Solicitation Agreement or the Employee Confidentiality and Non-Solicitation Agreement, as applicable, by and between the Grantee and the Company, or any other similar agreement containing post-employment obligations to the Company, such as nondisclosure, noncompetition, and/or nonsolicitation, entered into by the Grantee and the Company or any subsidiary thereof (the "<u>Confidentiality Agreement</u>"). However, none of the foregoing events or conditions will constitute Cause unless the Company provides the Grantee with written notice of the event or condition and thirty (30) days to cure such event or condition (if curable) and the event or condition is not cured within such thirty (30)-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Good Reason</u>" shall mean the occurrence of any of the following events: (i) a material diminishment in the scope of the Grantee's duties or responsibilities with the Company; (ii) a material reduction in the Grantee's current base salary, bonus opportunity or a material reduction in the aggregate benefits or perquisites; or (iii) a requirement that the Grantee relocate more than fifty (50) miles from his or her primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of the Grantee's duties and responsibilities with the Company. However, none of the foregoing events or conditions will constitute Good Reason unless (A) the Grantee provides the Company with written objection to the event or condition within ninety (90) days following the occurrence thereof, (B) the Company does not reverse or otherwise cure the event or condition within thirty (30) days of receiving such written objection, and (C) the Grantee resigns his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)An award will qualify as a "<u>Substitute Award</u>" if it is assumed, substituted or replaced by a Successor with awards that, solely in the discretion of the Human Capital and Compensation Committee of

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the Board, preserves the existing value of the outstanding Options at the time of the Change in Control and provides vesting and payout terms that are at least as favorable to the Grantee as the vesting and payout terms applicable to the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)"<u>Successor</u>" shall mean the continuing or successor organization, as the case may be, following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Grant of Options</u>. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee a non-qualified stock option to purchase ______ shares of Class C Stock (the "<u>Option</u>"). The Grantee represents that the Options are being acquired for investment and not with a view toward the distribution or sale thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Grant Date</u>. The grant date of the Option hereby granted is ____________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Incorporation of the Plan</u>. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of this Agreement, as interpreted by the Board, or a Committee thereof, shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Option Price</u>. The exercise price per share of Class C Stock underlying the Option is ______.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Vesting of the Option</u>. Except as provided in Sections 8 and 9 below, the Option shall vest in three (3) equal installments on February 15, 20__, February 15, 20__ and February 15, 20__; <u>provided</u> that (i) the Grantee remains continuously employed by the Company through each such applicable within one (1) year of receipt of the Agreement. Except as provided in Section 8 or 9, all unvested Options will be automatically forfeited if the Grantee terminates Service for any reason prior the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Term</u>. Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, all unexercised portions of the Option shall terminate, and all rights to purchase shares of Class C Stock thereunder shall cease, upon the expiration of ten (10) years from the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Termination of Service.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination of Service due to Death or Disability.</u> Notwithstanding Section 6, in the event that the Grantee's Service with the Company is terminated in the event of the Grantee's death or Disability at any time, all unvested Options not previously forfeited shall immediately vest on the date of termination and the Options shall terminate one hundred eighty (180) days following such termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Termination of Service for Cause</u>. Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, all unexercised portions of the Option, whether vested or unvested, will terminate and be forfeited upon a termination of the Grantee's Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Termination of Service other than for Cause, Death or Disability</u>. Unless the Option has earlier terminated pursuant to the provisions of this Agreement or the Plan, the vested portion of the Option shall terminate thirty (30) days following the termination of the Grantee's Service for any other reason other than for Cause, death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Forfeiture of Unvested Option</u>. Subject to the provisions of the Plan and Sections 8 and 9 of this Agreement, any portion of the Option which is unvested as of the date of termination of Service shall immediately terminate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Post Termination Exercise</u>. The Grantee (or the Grantee's guardian, legal representative, executor, personal representative or the person to whom the Option shall have been transferred by will or the laws of descent and distribution, as the case may be) may exercise all or any part of the vested portion of the Option during such post termination of employment period provided above, but not later than the end of the term of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of a Change in Control in which the Options will not be continued, assumed or substituted with Substitute Awards, all of the Options not otherwise forfeited will vest in full on the day immediately prior to the date of the consummation of the transaction(s) that constitutes the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of a Change in Control following which the Options will be continued, assumed or substituted with Substitute Awards, any Substitute Awards shall continue to vest on the dates set forth in Section 6 or 8, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Options are substituted with Substitute Awards as set forth in Section 9(b) above, and within two (2) years following the Change in Control the Grantee's Service is terminated by the Successor (or an affiliate thereof) without Cause or the Grantee resigns for Good Reason, the Substitute Awards shall immediately vest upon such termination or resignation and shall be exercisable for thirty (30) days following the termination of the Grantee's Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Employee Confidentiality Agreement</u>. As a condition to the grant of the Options, the Grantee shall have executed and become a party to the Confidentiality Agreement. To the extent permitted under applicable law, the Grantee hereby acknowledges and agrees that such Confidentiality Agreement remains in full force and effect, subject to the terms therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>No Shareholder Rights</u>. The Grantee does not have any rights of a shareholder with respect to the Class C Stock subject to the Option, nor have any rights to dividends or other rights as a shareholder with respect to any such Class C Stock, until the Grantee has exercised the Option in accordance with the provisions hereof and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Delays or Omissions</u>. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party or any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Transferability of Options</u>. During the lifetime of the Grantee, only the Grantee or a Family Member who received all or part of the Option, not for value, (or, in the event of legal incapacity or incompetence, the Grantee's guardian or legal representative) may exercise the Option. The Option shall not be assignable or transferable by the Grantee other than to a Family Member, not for value, or by will or the laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Manner of Exercise</u>. The vested portion of the Option may be exercised, in whole or in part, by delivering written notice to the equity plan administrator designated by the Company ("<u>Administrator</u>"). Such notice may be in electronic or other form as used by the Administrator in its ordinary course of business and as may be amended from time to time, and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)state the election to exercise the Option and the number of shares in respect of which it is being exercised;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)be accompanied by (i) cash, check, bank draft or money order in the amount of the Option Price payable to the order of the Administrator designated by the Company; or (ii) certificates for shares of the Company's Class C Stock (together with duly executed stock powers) or other written authorization as may be required by the Company to transfer shares of such Class C Stock to the Company, with an aggregate value equal to the Option Price of the Class C Stock being acquired; or (iii) a combination of the consideration described in clauses (i) and (ii). The Grantee may transfer Class C Stock to pay the Option Price for Class C Stock being acquired pursuant to clauses (ii) and (iii) above only if such transferred Class C Stock (x) was acquired by the Grantee in open market transactions, (y) has been owned by Grantee for longer than six (6) months, and (z) the Grantee is not subject to any other restrictions on transferring Company securities pursuant to Company policy or federal law.

In addition to the exercise methods described above and subject to other restrictions which may apply, the Grantee may exercise the Option through a procedure known as a "cashless exercise," whereby the Grantee delivers to the Administrator designated by the Company an irrevocable notice of exercise in exchange for the Company issuing shares of the Company's Class C Stock subject to the Option to a broker previously designated or approved by the Company, versus payment of the Option Price by the broker to the Company, to the extent permitted by the Committee or the Company and subject to such rules and procedures as the Committee or the Company may determine. Grantee may elect to satisfy any tax withholding obligations due upon exercise of the Option, in whole or in part, by delivering to the Company shares of Class C Stock otherwise deliverable upon exercise of the Option as provided under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Integration</u>. This Agreement and the Plan including the Confidentiality Agreement contain the entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Withholding Taxes. The Grantee agrees, as a condition of this grant, that the Grantee will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of exercise of the Options or delivery of the Class C Stock or other shares acquired in connection with the Option. In the event that the Company determines that any federal, state, local, municipal or foreign tax or withholding payment is required relating to the exercise of the Option or delivery of the Class C Stock or other shares acquired in connection with the Option, the Company shall have the right to require such payments from the Grantee in the form and manner as provided in the Plan. The Grantee authorizes the Company at its discretion to satisfy its withholding obligations, if any, by one or a combination of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to the extent permitted by applicable laws, withholding from the Grantee's wages or other cash compensation paid to the Grantee by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)withholding from proceeds of the sale of shares of the Class C Stock acquired upon exercise of the Option, either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee's behalf pursuant to this authorization without further consent required); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)withholding in shares of the Class C Stock to be issued upon exercise of the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)by any other method deemed by the Company to comply with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Data Privacy</u>. The Company is located at 101 Performance Drive Baltimore, MD 21230, U.S.A. and grants Options to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. The Grantee acknowledges that he or she has reviewed the following information about the Company's data processing practices and declares his or her consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Collection and Usage</u>. The Company collects, processes and uses personal employee data, including name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, citizenship, job title, any shares of Class C Stock or directorships held in the Company, and details of all equity awards granted, canceled, vested or outstanding in the Grantee's favor, which the Company receives from the Grantee or the employer ("<u>Data</u>"). If the Company grants the Grantee equity rights under the Plan, then the Company will collect the Grantee's Data for purposes of allocating shares of Class C Stock and implementing, administering and managing the Plan. The Company's legal basis for the collection, processing, and use of the Grantee's Data is the Grantee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Stock Plan Service Provider</u>. The Company transfers the Grantee's Data to The Charles Schwab Corporation, an independent service provider based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share my Data with another company that serves in a similar manner. The Company's service provider will open an account for the Grantee to receive and trade shares of Class C Stock. The Grantee will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to the Grantee's ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Voluntariness and Consequences of Consent, Denial or Withdrawal</u>. The Grantee's participation in the Plan and the Grantee's grant of consent hereunder is purely voluntary. The Grantee may deny or withdraw his or her consent at any time. If the Grantee does not consent, or if the Grantee later withdraws his or her consent, the Grantee may be unable to participate in the Plan. This would not affect the Grantee's existing employment or salary; instead, the Grantee merely may forfeit the opportunities associated with participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Data Retention</u>. The Grantee understands that the Grantee's Data will be held only as long as is necessary to implement, administer and manage the Grantee's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Data Subject Rights</u>. The Grantee understands that the Grantee may have the right under applicable law to (i) access or copy the Grantee's Data that the Company possesses, (ii) rectify incorrect Data concerning the Grantee, (iii) delete the Grantee's Data, (iv) restrict processing of the Grantee's Data, or (v) lodge complaints with the competent supervisory authorities in the Grantee's country of residence. To receive clarification regarding these rights or to exercise these rights, the Grantee understands that the Grantee can contact Human Resources at GlobalCompensationTeam@underarmour.com. The Company will process the Grantee's requests related to these rights as the law allows, which means in some cases there may be legal or other official reasons that Company may not be able to address the specific request related to the Grantee's rights to protect the Grantee's privacy. The Company will take steps to verify the Grantee identity before fulfilling any such request.

If the Grantee agrees with the data processing practices as described in this notice, he or she should declare his or her consent by clicking "Accept" on the Charles Schwab award acceptance page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Electronic Delivery</u>. The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant the Grantee agrees that the Company may deliver the Plan prospectus and the Company's annual report to the Grantee in an electronic format. If at any time the Grantee would prefer to receive paper copies of these documents, as the Grantee is entitled to receive, the Company would be pleased to provide copies. The Grantee should contact Human Resources at GlobalCompensationTeam@underarmour.com to request paper copies of these documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Counterparts; Electronic Signature</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. This Agreement may be signed by the Company through application of an authorized officer's signature, and may be signed by the Grantee through an electronic signature.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Governing Law; Venue</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland, without regard to the provisions governing conflict of laws. For purposes of litigating any dispute that arises under this Award of Options or this Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Maryland, and agree that such litigation will be conducted in the jurisdiction and venue of the United States District Court for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland, and no other courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Severability</u>. The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Grantee Acknowledgment</u>. The Grantee hereby acknowledges receipt of a copy of the Plan. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board, or a Committee thereof, in respect of the Plan, this Agreement and this Award of Options shall be final and conclusive.

The Company has caused this Agreement to be duly executed by its duly authorized officer and said Grantee has hereunto signed this Agreement on the Grantee's own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the Plan as of the day and year first written above.

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| |
|:---|
| UNDER ARMOUR, INC. |
| By: |
| GRANTEE |

---

## Exhibit 10.48

**Exhibit 10.48**

**CONSULTING SERVICES AGREEMENT**

This CONSULTING Services Agreement (the "<u>Agreement</u>") is entered into as of February 2, 2026 (the "<u>Effective Date</u>") by and between Yassine Saidi, an individual with an address of [redacted] ("<u>Consultant</u>"), and Under Armour, Inc., a Maryland corporation located at 101 Performance Drive, Baltimore, Maryland 21230 ("<u>Under Armour</u>").

**TERMS AND CONDITIONS**

NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Under Armour and Consultant agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Engagement and Duties.** The scope of Services to be performed by Consultant is set forth on the Work Order attached hereto as <u>Exhibit A</u> ("<u>Work Order</u>"). Terms contained in Consultant proposals or other documents submitted in connection with this Agreement are expressly rejected. All Services provided by Consultant ("<u>Services</u>") shall be of the highest professional standard. All Services provided by Consultant shall be performed to Under Armour's reasonable satisfaction, and all deliverables shall be subject to the review and approval of Under Armour. Consultant represents, warrants and covenants to Under Armour that it is not a party to any agreement, arrangement or other understanding which would prevent, limit or hinder the performance of any of its obligations under this Agreement. Consultant shall have no authority and shall not represent that it has authority to make commitments or enter into agreements on behalf of, bind or otherwise obligate Under Armour in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Term.** This Agreement is effective as of the Effective Date and shall expire upon completion of the Services or through the term of the Work Order, whichever is later (the "<u>Term</u>"), unless earlier terminated pursuant to <u>Section 11</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Key Personnel; Independent Contractor.** The status of Consultant shall be that of an independent contractor and none of the foregoing shall, at any time or for any purpose, be deemed an employee or agent of Under Armour and thus, Under Armour shall not withhold taxes or Social Security payments from any sum paid to Consultant under this Agreement. Consultant and its employees are not eligible for and may not participate in any health or other benefit plans offered by Under Armour to its employees. Consultant shall indemnify and hold harmless Under Armour and its officers, directors, employees, agents and others considered responsible persons under applicable state and federal law for failure to pay any required taxes. Consultant is not permitted to utilize subcontractors for performance of any Services under this Agreement unless prior written consent is first obtained from Under Armour, and unless such subcontractors have executed a written agreement with Consultant which obligates any such subcontractors to protect confidential information and to grant ownership of proprietary rights to Under Armour to the same extent as is required of Consultant by this Agreement. Consultant shall be fully responsible for all acts and omissions of any subcontractors used by Consultant and permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Invoices and Compensation.** Consultant will issue an invoice to Under Armour for any approved fees along with any expenses actually incurred and chargeable as provided in the Work Order. Unless otherwise provided in the Work Order, fees do not include travel expenses. Consultant will not be reimbursed for any expenses that have not been approved in advance by Under Armour as provided herein. All invoices shall be itemized and shall substantiate all charges therein set forth. So long as Consultant's invoice is timely received, and if applicable includes the Under Armour issued PO or BPO number, Under Armour will issue payment within forty-five (45) days from the date of receipt of Consultant's invoice. Consultant shall maintain complete and

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accurate accounting records, in a form in accordance with generally accepted accounting practices, to substantiate Consultant's charges and expenses hereunder. Consultant shall retain such records for a period of one (1) year from the date of final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Confidential Information**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Consultant acknowledges that Consultant has been furnished, or may be furnished or may otherwise have received or have had access to or will receive or have access to, information that relates to Under Armour's past, present, or future product lines, projects, research, development, inventions, computer processes, techniques, designs, patents, patent applications, copyrights, trademarks, trademark applications, programs and codes, the names, addresses, buying habits or practices of any of Under Armour's clients or customers, Under Armour's marketing methods, negotiations, programs and related data, or other written records used in Under Armour's business, compensation paid to employees and independent contractors and other terms of their employment or contractual relationships or any other confidential or proprietary information of, about, or concerning the business of Under Armour or its manner of operations (the "<u>Confidential Information</u>"). Consultant agrees to preserve and protect the confidentiality of the Confidential Information, including all verbal and physical forms thereof, whether disclosed to Consultant before this Agreement is signed or afterward. Consultant further agrees that it will not at any time during or after Consultant's relationship with Under Armour, directly or indirectly, disclose or disseminate the Confidential Information to any third party for any reason, without the prior written approval of Under Armour. Consultant also agrees to disclose the Confidential Information only to those of its employees, agents and independent contractors (collectively "<u>Representatives</u>") that need to know such Confidential Information in connection with Consultant's provision of Services under this Agreement and who have agreed in writing to be bound by terms and conditions substantially similar to, and no less restrictive with respect to limitations on use and disclosure than, those of this Agreement. Consultant shall be responsible for any breach of this Agreement by its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The foregoing obligations of confidentiality shall not apply to any information which has become part of the public domain without any breach of this Agreement by Consultant, or that becomes rightfully known to Consultant without a confidentiality restriction from a source other than Under Armour, or pursuant to a valid court order or subpoena issued by a court of competent jurisdiction, provided that Consultant gives Under Armour immediate notice of such order or subpoena and exercises Consultant's reasonable best efforts, if requested by Under Armour, to assist Under Armour in obtaining an appropriate protective order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Nothing in this Agreement shall be construed as granting Consultant expressly, by implication, estoppel or otherwise (i) any right to utilize the Confidential Information received hereunder except as provided herein; or (ii) any patent, trademark or copyright owned or controlled by Under Armour, or any license under any such patent, trademark or copyright, or any patent, trademark or copyright hereafter owned or controlled by Under Armour. Transmission of Confidential Information shall not constitute any representation, warranty, assurance, guaranty, or inducement by Under Armour to Consultant with respect to infringement of any patent or any proprietary rights of others. Under Armour shall not be liable for damages arising from Consultant's use of or reliance on information disclosed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Within three (3) days after Under Armour's request, or immediately upon the termination or expiration of this Agreement, Consultant shall return to Under Armour all copies of the Confidential Information in tangible form. This <u>Section 5</u> shall survive the termination or expiration of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Property and Proprietary Rights.** Consultant shall fully and promptly disclose in writing to Under Armour all work product including, without limitation designs, drawings, plans, programs, ideas, inventions, information, research, strategies, work, and all other documentation (whether or not patentable) created, conceived or first reduced to practice by Consultant, alone or with others, in connection with Services rendered for Under Armour pursuant to this Agreement, both before and after the execution of this Agreement, or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Non-Competition.** Except as otherwise approved by Under Armour in advance in writing, Consultant hereby covenants and agrees that during the Term of this Agreement or, if later, completion of the Work Order (the "Non-Compete Period"), Consultant shall not, directly or through others, (a) provide strategic advice or consulting services to a Competitor Business or (b) provide services to a Competitor Business in a capacity in which Consultant would likely or probably disclose Confidential Information. For purposes of this Agreement, "<u>Competitor Business</u>" shall mean the brands set forth on Schedule 1 to this Agreement. In addition, for a period of six (6) months following the Non-Compete Period, Consultant will seek pre-approval by Under Armour in writing prior to entering into any arrangement or agreement (whether directly or through others) outlined in subsections (a) or (b) of this Section 7 with any Competitor Business, which may be withheld in Under Armour's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Enforcement.** It is hereby agreed that each violation of <u>Sections 5</u>, <u>6</u> and <u>7</u> is a distinct and material breach of this Agreement and that solely a monetary remedy will be inadequate, impracticable and extremely difficult to prove, and that each such violation shall cause Under Armour irreparable harm. Therefore, in addition to any and all remedies available at law or equity (including money damages), Under Armour shall be entitled to temporary and injunctive relief to enforce the provisions of <u>Sections 5</u>, <u>6</u> and <u>7</u> without the necessity of proving actual damages. Under Armour may pursue any of the remedies described in this <u>Section 8</u> concurrently or consecutively, in any order as to any such violation or breach, and the pursuit of one of such remedies at any time will not be deemed an election of remedies or waiver of the right to pursue any of the other of such remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Representations and Warranties; Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Consultant represents and warrants that Consultant, its employees and any subcontractors permitted under this Agreement shall, in performance under this Agreement and the Work Order, observe and comply with all applicable (collectively, "<u>Applicable Laws and Policies</u>"): (i) federal, state and local laws, ordinances, codes, rules, regulations and orders and (ii) Under Armour business practices, hours, working conditions, codes of conduct, jobsite policies, and any other policies, rules or regulations, including without limitation Under Armour's Third-Party Travel and Related Expense Reimbursement Guidelines and any policies relating to physical access and security. Consultant further represents and warrants that all UA Work Product produced under this Agreement shall be of original development and all UA Work Product shall not infringe or violate any patent, copyright, trade secret, trademark, or other third party intellectual property right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Consultant shall defend, indemnify, and hold Under Armour, and its affiliates, and their respective directors, officers, owners, agents, employees, members and sponsors ("<u>Under Armour Group</u>") harmless from and against any and all claims, losses, damages, suits, fees, judgments, costs and expenses (including attorneys' fees) ("<u>Claims</u>") which Under Armour Group may suffer or incur arising out of or in connection with (i) any breach by Consultant of this Agreement, including without limitation breach of any

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representation or warranty contained herein; (ii) noncompliance by Consultant with any Applicable Laws and Policies; (iii) injuries to persons (including death) or loss of, or damage to, property, occasioned by the negligence, unlawful act, or willful misconduct of Consultant, or of Consultant's personnel, subcontractors, or agents, as well as any claim for payment of compensation or salary asserted by any employee, agent or subcontractor of Consultant; and (iv) any Claim that Under Armour Group's use, copying, or distribution of any UA Work Product or any portions thereof, infringes or violates any patent, copyright, trade secret, trademark, or other third party intellectual right. In the event that Under Armour is in any way enjoined from using the UA Work Product, or any portion thereof, Consultant shall promptly, at its expense either (A) provide to Under Armour non-infringing means of using the UA Work Product; (B) negotiate and procure for Under Armour the right to use the UA Work Product without restriction; or (C) if neither (A) or (B) can be accomplished within a reasonable time period and at no cost to Under Armour, refund to Under Armour all monies paid in connection with such UA Work Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This <u>Section 9</u> shall survive termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Acceptance of Services.** Each deliverable shall be subject to acceptance by Under Armour to verify that the deliverable satisfies the acceptance criteria of the Work Order and all requirements of the deliverable conveyed by Under Armour to Consultant. If either party discovers a non-conformity, Consultant shall either correct the non-conformity at no additional charge in a timely, professional manner, or, at Consultant's sole discretion, refund monies paid to Consultant for the Services attributable to or affected by the non-conforming deliverable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Termination.** The Work Order, this Agreement and/or all rights granted thereunder may be terminated by either party in the event of a material breach by the other party (the "<u>Defaulting Party</u>") of any of its material obligations under the Work Order or this Agreement and failure by the Defaulting Party to remedy such breach within ten (10) days after written notice of such breach is provided to the Defaulting Party. In addition, this Agreement and the Work Order may be terminated, by either party, effective immediately and without notice, in the event of (a) the dissolution, termination of existence, liquidation or insolvency of the other party; (b) the appointment of a custodian or receiver for the other party; (c) the institution by or against the other party of any proceeding under the United States Bankruptcy Code or any other foreign, federal or state bankruptcy, receivership, insolvency or other similar law affecting the rights of creditors generally; or (d) the making by the other party of a composition of, or any assignment or trust mortgage for the benefit of, creditors. Upon termination or expiration of the Work Order or this Agreement, Consultant shall, at no cost to Under Armour: (i) deliver to Under Armour all documentation and other property belonging to Under Armour then in possession of Consultant including, without limitation, UA Work Product; and (ii) purge from its computer systems any UA Work Product and all copies and all portions thereof. Upon termination or expiration, Under Armour's sole obligation to Consultant is the payment of the Consultant's fees for the work completed through the date of termination or expiration, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.Assignability.** This Agreement may not be assigned by Consultant without the prior written consent of Under Armour and any attempt to assign any rights arising under this Agreement without such consent shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.Miscellaneous.** This Agreement represents the entire agreement between Under Armour and Consultant and supersedes all previous agreements, communications, and understandings, whether written or oral, between the parties with respect to the subject matter hereof. All capitalized terms used herein shall have the meanings given to such terms in this Agreement. No waiver, modification or cancellation of any term or condition of this Agreement shall be effective unless executed in writing by the party charged therewith. No waiver of any breach or violation of any of the provisions of this Agreement shall constitute or be deemed to constitute a waiver of any other breach or violation of any provisions of this Agreement, whether or not similar, nor shall any waiver constitute a continuing waiver. If any provision or any portion of this Agreement shall be construed to be illegal,

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invalid, or unenforceable, such shall be deemed stricken and deleted from this Agreement to the same extent and effect as if never incorporated herein, but all other provisions of this Agreement and remaining portions of any provision which is illegal, invalid or unenforceable in part shall continue in full force and effect. The headings in this Agreement are for information purposes only. This Agreement shall be enforced, governed and construed in accordance with the laws of the State of Maryland, USA, without regard to its conflicts of law provisions. In the event of a dispute related to this Agreement, the parties hereby agree to be subject to the jurisdiction and venue of the United States District Court for the District of Maryland or, in the event such jurisdiction is not available, any of the appropriate courts of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.Notices.** All notices and other communications from either party to the other under this Agreement shall be in writing, and in English, and shall be deemed received upon (a) actual receipt, (b) the expiration of the fifth business day after being deposited in the United States' mails, postage prepaid, or (c) the next business day following deposit with an internationally recognized overnight delivery Service (e.g., Federal Express), addressed to the other party at the address set forth above, (d) email or as otherwise agreed to in writing by the parties; provided, however, notice by electronic mail will only be effective if it is simultaneously sent to the receiving party by one of the other methods of transmission specified herein. In addition, any notice to Under Armour shall only be effective if a copy is also delivered in accordance with any of the foregoing methods to Under Armour, Inc., Legal Department, 101 Performance Drive, Baltimore, MD 21230; legalnotices@underarmour.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.No Advertising; No Press Releases; Non-Disparagement.** Except as otherwise required by a Work Order or otherwise directed or pre-approved by Under Armour: (a) Consultant shall not use all or any portion of Under Armour's tradenames or logos, or those of any of its subsidiaries or affiliates, in Consultant's advertising or otherwise (including without limitation, on Consultant's website) and (b) Consultant shall not make any public statements or issue any press releases regarding the terms and conditions of this Agreement, which the parties shall treat as Confidential Information pursuant to <u>Section 5</u> herein, or its relationship with Under Armour. Consultant further agrees that the Consultant has not and will not make statements (including verbal statements, written statements and statements using social media or other internet means) to customers and suppliers of Under Armour or to other members of the public that are in any way disparaging or negative towards Under Armour, its products or services or any member of Under Armour's management team or board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.Counterparts.** The parties may execute this Agreement in multiple counterparts, each of which constitutes an original, and all of which, collectively, constitute only one agreement. This Agreement and the Work Order issued hereunder may be executed by means of electronic or digital signature, with the same binding effect as if this original agreement were executed at the same time by all parties. Without limitation, "electronic or digital signature" shall include electronically scanned and transmitted versions (e.g., email of a pdf) of an original signature or the use of a mutually acceptable digital signature service provider and, absent contrary written instructions by the transmitting party, the transmission of such an electronic signature by email or other electronic or digital means by one party hereto to the other party shall constitute execution and delivery of this Agreement or the Work Order by the transmitting party.

*[Signature Page Follows]*

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The parties hereto have caused this Agreement to be executed by their duly authorized representatives.

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| | | | |
|:---|:---|:---|:---|
|  | **YASSINE SAIDI** | **UNDER ARMOUR, INC.** | **UNDER ARMOUR, INC.** |
| **YASSINE SAIDI** | | | |
|  | /s/ Yassine Saidi | By: | /s/ Mehri Shadman |
|  | (Signature) |  | (Signature) |
|  |  | Name: | Mehri Shadman |
|  |  |  | (Printed Name) |
|  |  | Title: | EVP, Chief Legal Officer |

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**<u>EXHIBIT A TO CONSULTING SERVICES AGREEMENT</u>**

**WORK ORDER** 

This Work Order is entered into by and between Under Armour, Inc. ("Under Armour") and YASSINE SAIDI ("Consultant") pursuant to the fully-executed Consulting Services Agreement between the parties, having an Effective Date of February 2, 2026 (the "Agreement"). Unless expressly modified hereunder, this document is subject to all terms and conditions of the Agreement and when executed, shall be incorporated into and made part of the Agreement.

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| | |
|:---|:---|
| **Purpose and Intent** | The purpose of Consultant's engagement is to support the successful transition, leadership establishment and long-term effectiveness of Under Armour's Product Creation organization. This will include enabling and supporting leadership within Under Armour's product creation organization, supporting the FW27, SS28 and FW28 product seasons. This may include support regarding creative direction and seasonal progress, organizational design and team structure, talent considerations, external partners and collaborations, cross-functional alignment, human resources and finance related topics and preparation for upcoming milestone and leadership moments. Specific engagement requirements and deliverables are separately provided for in Schedule 1 to this Work Order. |
| **Designation and Reporting** | Consultant will be designated as Senior Advisor, Design and Expression to Under Armour<br>Consultant will report directly to both Kevin Plank and Kyle Blakely. Consultant will be available as needed during regular business hours (Baltimore Time). |
| **Term** | Twelve (12) months, beginning on the Effective Date. |
| **Fee** | Consultant will be paid a total fee of $1,497,875 (USD), payable in equal quarterly installments in arrears of $374,468.75 (each, an "Installment Payment"). This amount includes an amount equivalent to Consultant's fiscal year 2026 annual cash incentive award amount calculated assuming the Company's performance achievement of 70% of its target award amount ($375375). If the Company's final achievement of its performance target is below 70%, the total fee will be reduced based on such final achievement, with each remaining installment payment reduced by a proportional amount.<br>The first Installment Payment shall be paid during Under Armour's next available vendor payment cycle on or after April 2, 2026 and subsequent payments shall be paid during the next available vendor payment cycle following each of July 2, 2026, October 2, 2026 and January 2, 2027.<br>Each Installment Payment shall be subject to receipt of an invoice in accordance with Section 4 of the Agreement.<br>The Company expects to incur expenses in connection with Consultant's relocation outside of the United States. The amount of these expenses will be directly deducted from the next payable Installment Payment in full. The Company will provide copies of related invoices to Consultant upon request. |
| **Continuation of Equity Vesting** | During the Term, any restricted stock unit awards previously granted to Consultant will be eligible to continue to vest under the terms of the relevant restricted stock unit grant agreement, so long as Consultant continues to provide services to the Company. Any such vestings remain subject to applicable withholding obligations by the Company. Any unvested amounts will be forfeited upon termination of the Agreement (whether early or at the end of the Term). |

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| | |
|:---|:---|
| **Presence and Travel** | Consultant is expected to travel four to six times per year, based on business needs. This may include travel to Under Armour's offices in Baltimore, factories or external partners and collaborators.<br>Travel timing and purpose will be aligned with Under Armour , and will typically correspond to key milestones, reviews or strategic moments.<br>For clarity, the parties anticipate that the majority of the engagement will take place remotely.<br>Under Armour will either pay directly or reimburse Consultant for pre-approved travel-related expenses, which will include airfare, accommodation and reasonable travel-related expenses, as mutually agreed in advance of booking travel arrangements. Consultant will otherwise comply with the applicable provisions of Under Armour's Third-Party Travel and Expense Reimbursement Guidelines. |
| **Tax Support** | Under Armour will continue to make certain tax support services currently provided to Consultant available to Consultant during the Term and thereafter in support of tax year 2026, subject to the applicable terms and conditions of the providers of such services. For the avoidance of doubt, Consultant acknowledges that he is personally responsible for the payment of any taxes required by law, and the Company will not owe Consultant any further amounts related to taxes. |
| **U.S. Withholding Taxes and Indemnification** | Where applicable U.S. federal law requires the Company to withhold U.S. taxes (excluding sales or value-added taxes) on any compensation paid to Consultant, the Company may deduct and withhold such taxes from any payments due to Consultant. Subject to Consultant providing the Company with a valid and completed Form W-9 (for U.S. persons) or Form W-8BEN (for non-U.S. persons) prior to payment, the Company will apply any available exemption or reduced withholding rate under an applicable income tax treaty.<br>The Company shall be responsible for remitting any required U.S. withholding taxes to the appropriate U.S. governmental authority at the time such payment is made and shall provide Consultant with the appropriate tax reporting documentation (e.g., Form 1099 or Form 1042-S), as applicable.<br>Consultant acknowledges and agrees that, notwithstanding any withholding by the Company, Consultant remains solely responsible for all U.S. federal, state, local, or foreign taxes (including estimated taxes, if any) that may be imposed on Consultant with respect to payments made under this Agreement.<br>Consultant further agrees to indemnify and hold the Company harmless from and against any taxes, interest, penalties, or other amounts that are assessed by any taxing authority and that arise from (i) Consultant's failure to provide accurate or complete tax documentation, or (ii) Consultant's failure to satisfy any tax obligations relating to payments made under this Agreement. |
| **Consultant's Primary Contact & UA's Primary Contacts** | Consultant: Yassine Saidi<br>Under Armour: Kevin Plank and Kyle Blakely |

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*[Signature Page Follows]*

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The parties hereto have caused this document to be executed by their duly authorized representatives.

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| | | | |
|:---|:---|:---|:---|
|  | **YASSINE SAIDI** | **UNDER ARMOUR, INC.** | **UNDER ARMOUR, INC.** |
| **YASSINE SAIDI** | | | |
|  | /s/ Yassine Saidi | By: | /s/ Mehri Shadman |
|  | (Signature) |  | (Signature) |
|  |  | Name: | Mehri Shadman |
|  |  |  | (Printed Name) |
|  |  | Title: | EVP, Chief Legal Officer |

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**<u>SCHEDULE 1 TO WORK ORDER</u>**

*[Sets forth specific engagement requirements and deliverables. Schedule has been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy will be furnished to the SEC upon request.]* 

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**<u>Schedule 1 to CONSULTING SERVICES AGREEMENT</u>**

**COMPETITOR BUSINESSES** 

*[Sets forth competitor businesses. Schedule has been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy will be furnished to the SEC upon request.]*

## Exhibit 10.49

**Exhibit 10.49**

**SUPPLEMENT TO RESTRICTED STOCK UNIT GRANT AGREEMENT**

Under Armour, Inc.

Amendment to Restricted Stock Unit Grant Agreements

Effective Date: January 14, 2026

The Grantee and Under Armour, Inc. (the "<u>Company</u>") have previously entered into certain Time Based Restricted Stock Unit Grant Agreements regarding the grant of Restricted Stock Units (the "<u>RSU Awards</u>") and that certain Performance Based Restricted Stock Unit Grant Agreement regarding the grant of Restricted Stock Units subject to performance conditions (the "<u>PSU Award</u>") under the terms of the Company's Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan (the "<u>Plan</u>"). In accordance with Section 3.1 of the Plan, the Committee has determined to amend the terms of the award agreements related to the RSU Awards granted to Yassine Saidi (the "Grantee") in 2024 and 2025 (each award agreement to be amended, an "<u>RSU Award Agreement</u>") and the award agreement related to the PSU Award granted to the Grantee in 2024 (the "<u>PSU Award Agreement</u>"), to provide for certain additional vesting features for the benefit of the Grantee. Each RSU Award Agreement and the PSU Award Agreement is therefore amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Section 5(a) of each RSU Award Agreement is hereby amended to add the following at the end of the current Section 5(a):

*Notwithstanding the foregoing, the Restricted Stock Units shall continue to vest on the dates set forth above for so long as the Grantee remains continuously engaged by the Company as a Service Provider through each such applicable vesting date and the termination of Grantee's employment in connection with the engagement of such Grantee as a Service Provider shall not result in any unvested Restricted Stock Units being forfeited. For the avoidance of doubt, except as provided in Section 5(b) or Section 6, all unvested Restricted Stock Units will be automatically forfeited if the Grantee ceases to be a Service Provider for any reason prior to the applicable vesting date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Section 6(a) of the PSU Award Agreement is hereby amended to add the following at the end of the current Section 6(a):

*Notwithstanding the foregoing, the Earned RSUs shall continue to vest on the dates set forth above for so long as the Grantee remains continuously engaged by the Company as a Service Provider through each such applicable vesting date and the termination of Grantee's employment in connection with the engagement of such Grantee as a Service Provider shall not result in any unvested Restricted Stock Units being forfeited. For the avoidance of doubt, except as provided in Section 6(b) or Section 7, all unvested Earned RSUs will be automatically forfeited if the Grantee ceases to be a Service Provider for any reason prior to the applicable vesting date.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.All other terms of the RSU Award Agreements and the PSU Award Agreement remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Unless otherwise indicated herein, all capitalized terms used in this supplement shall have the same meanings given to such terms in the Plan and the respective RSU Award Agreement or PSU Award Agreement.

## Exhibit 19.01

**Exhibit 19.01**

![image.jpg](image.jpg)

**Policy Title:**<br>**UNDER ARMOUR INSIDER TRADING POLICY**<br>

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| | |
|:---|:---|
| **Policy Effective Date:** November 23, 2005 | **Policy Effective Date:** November 23, 2005 |
| **Policy Owner:** Mehri Shadman, Chief Legal Officer & Corporate Secretary | **Date Last Revised:** November 13, 2025 |

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![image1.jpg](image1.jpg)

<u>Applicability</u>

Except where otherwise explicitly stated, this insider trading policy applies to all employees, officers and members of the Board of Directors, as well as to their spouses, minor children, relatives and other persons who live with them, and any trusts, estates, or other entities over which they exercise control or in which they have any beneficial interest.

<u>General Prohibition Against Insider Trading and Disclosure of Nonpublic Information</u>

During the course of your work at Under Armour, you may become aware of important information – or what the law calls "material" information – about Under Armour or other companies that is not then available to the public. It is illegal and contrary to Company policy for you to buy or sell stock or other securities of any company (including Under Armour) while you are in possession of such material nonpublic information concerning the relevant company or its securities. Whenever you possess such material nonpublic information, it is also illegal and contrary to Company policy for you to disclose such information to anyone else who might buy or sell securities of the relevant company (including family, friends, or business acquaintances), or to suggest to anyone else that they buy or sell securities of the relevant company. This prohibition applies whether or not you receive any benefit from the use of such information by the other person or entity. Any of the foregoing conduct can result in severe disciplinary action up to and including termination of your employment and subject you to civil liability and criminal prosecution.

For purposes of this policy, "material" information includes any information that a reasonable investor would consider important in deciding whether to buy, sell or hold the securities involved, or any information that would, if disclosed to the public, likely affect the market price of the securities. You should resolve any doubts in favor of assuming that nonpublic information is material. Some categories of information typically deemed "material" include the following, although this list is not exclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information about revenues, earnings, liquidity, and other measures of financial position or performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in financial performance or future financial outlook and/or performance against externally communicated guidance, internal business forecasts or analysts' consensus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant changes in the Company's debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant transactions such as mergers, acquisitions, and divestitures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes, additions or departures of key executives or members of the Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development of significant new products, discontinuation of significant existing products or developments regarding key Under Armour brand ambassadors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant disruptions to the Company's systems or operations, including a significant cybersecurity incident

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquisitions or losses of significant customers or significant orders

UNDER ARMOUR

Insider Trading Policy \| page 2

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![image1.jpg](image1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated stock splits, Company share repurchases, securities offerings, or changes in dividend policy or amounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant litigation developments or decisions by government agencies

Information is generally considered nonpublic unless it has been publicly disseminated through a press release, SEC filing, or other means of wide public distribution. If you have any doubt about whether information you possess is available to the public, you should confirm its public nature by reviewing the Company's press releases, SEC filings, and web site before engaging in any securities transactions. As a general guideline, if you possess material nonpublic information about a company or its securities, you should wait until at least one full trading day after the information has been publicly disseminated before effecting any securities transactions.

<u>Additional Restrictions for All Personnel - "Trading Blackout Periods"</u>

In addition to the foregoing prohibition against buying or selling securities at any time when you possess material nonpublic information, the Company has adopted certain "Trading Blackout Periods" during which you are prohibited from buying, selling or gifting Under Armour securities even if you do not possess such information (except to the extent such transactions are made pursuant to a written, pre-arranged plan, contract or instruction adopted in conformity with SEC Rule 10b5-1 (hereinafter a "10b5-1 Plan"), as further discussed below). These Trading Blackout Periods are imposed to avoid even the potential appearance that any of us might take advantage of quarterly or annual financial information that has not yet been disclosed to the public. The four quarterly Trading Blackout Periods begin, respectively, on January 1, April 1, July 1, and October 1 of each year, and end, respectively, at the close of trading on the second full trading day after issuance of our quarterly earnings release for the corresponding concluded fiscal quarter. For example, if we issue our earnings release on a Tuesday before the opening of the market that day, the Trading Blackout Period would end at the close of trading on Wednesday. If January 1, April 1, July 1 or October 1 falls on a weekend or market holiday in any particular year, the relevant Trading Blackout Period will begin at the close of business on the last trading day preceding the weekend or holiday.

<u>Extended Trading Blackout Periods for Designated Insiders</u>

The Company has designated certain personnel having regular access to nonpublic financial information – including members of the Board of Directors, section 16 officers and certain financial and other senior personnel – as Designated Insiders. If you are in this category of Designated Insiders, you will be notified separately. The quarterly Trading Blackout Periods for Designated Insiders begin, respectively, on December 15, March 15, June 15, and September 15 of each year, and end at the same time as the Trading Blackout Periods described above for all personnel.

<u>Special Trading Blackout Periods</u>

On occasion, a nonpublic development or transaction may require the Company to impose, without prior notice, a Special Trading Blackout Period applicable to some or all personnel. If you are subject to such a Special Trading Blackout Period, you will be notified when the Special Trading Blackout Period begins and ends and you may not buy, sell or gift any Under Armour securities

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Insider Trading Policy \| page 3

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![image1.jpg](image1.jpg)

during the period. The imposition of such a Special Trading Blackout Period may itself be deemed material nonpublic information, so you should not disclose its existence to anyone else.

<u>Limited Exceptions to the Foregoing</u>

The foregoing prohibitions, restrictions, and Trading Blackout Periods do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The acceptance or receipt of stock options, shares of restricted stock, or similar grants of securities under one of the Company's benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercises of employee stock options, so long as the stock is not sold during a Trading Blackout Period or at a time when you possess material nonpublic information about Under Armour or its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regular periodic contributions to an employee benefit plan (e.g., a 401(k) plan or employee stock purchase plan) that result in the purchase of Under Armour securities. However, if you possess material nonpublic information concerning Under Armour or its securities, or if you are in a Trading Blackout Period, you are prohibited from reallocating your existing assets in the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions lawfully made pursuant to a 10b5-1 Plan. If you choose to adopt a 10b5-1 Plan, however, you may do so only at a time when you are both outside of a Trading Blackout Period and not in possession of material nonpublic information about Under Armour or its securities. Moreover, Company policy requires that all such plans be memorialized in writing with a copy provided to the Corporate Secretary. For further information about 10b5-1 Plans, please see "10b5-1 Plans" below. You are also urged to consult with your own financial or legal advisor regarding the suitability and legal requirements of such plans.

<u>Financial Hardship</u>

Financial hardship does not excuse a failure to comply with any of the foregoing prohibitions, restrictions, and policies. However, upon written request made at least 48 hours prior to a proposed security transaction, the Corporate Secretary in her or his sole discretion may grant, on a case-by-case basis, limited exceptions allowing specific transactions to occur within a Trading Blackout Period. Such a request must state a compelling case of financial hardship and certify that the requesting person does not possess material nonpublic information about Under Armour or its securities.

<u>Prohibition Against Short Sales and Transactions in Put, Calls, and Other Derivative Securities</u>

Under Armour considers it inappropriate for persons subject to this policy to engage in certain speculative transactions in Under Armour securities or in certain other transactions that may lead to inadvertent violations of insider trading laws or create a conflict of interest for an insider. Accordingly, any person affected by this policy is strictly prohibited from effecting short sales of Under Armour securities. A short sale is one involving securities the seller does not own at the time

UNDER ARMOUR

Insider Trading Policy \| page 4

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![image1.jpg](image1.jpg)

of the sale or, if owned by the seller, securities that will be delivered on a delayed basis beyond the customary settlement date. You are also strictly prohibited from engaging in hedging transactions and purchasing or selling derivative securities, such as puts and calls, relating to Under Armour stock.

<u>10b5-1Plans</u>

Rule 10b5-1 provides a defense from insider trading liability. In order to be eligible to rely on this defense, a person must enter into a 10b5-1 Plan that meets the conditions specified in Rule 10b5-1. Rule 10b5-1 only provides an "affirmative defense" if there is an insider trading lawsuit. It does not prevent anyone from bringing a lawsuit, nor does it prevent the media from reporting on any transactions executed pursuant to a plan.

Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party. The plan must include a cooling-off period before trading can commence that, for members of the Board of Directors or section 16 officers, ends on the later of 90 days after the adoption of the 10b5-1 Plan or two business days following the disclosure of the Company's financial results in an SEC periodic report for the fiscal quarter in which the plan was adopted (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption of the plan), and for persons other than members of the Board of Directors or section 16 officers, 30 days following the adoption or modification of a 10b5-1 Plan. A person may not enter into overlapping 10b5-1 Plans (subject to certain exceptions) and may only enter into one single-trade 10b5-1 Plan during any 12-month period (subject to certain exceptions). Members of the Board of Directors and section 16 officers must include a representation in their 10b5-1 Plan certifying that: (i) they are not aware of any material nonpublic information; and (ii) they are adopting the plan in good faith and not as part of a plan or scheme to evade the prohibitions in Rule 10b-5. All persons entering into a 10b5-1 Plan must act in good faith with respect to that plan.

**Note that Under Armour will be required to make certain quarterly disclosures, in accordance with Rule 10b5-1, regarding any adoption, modification or termination of a 10b5-1 Plan by a member of the Board of Directors or section 16 officer and disclose certain material terms of each 10b5-1 Plan, including the name and title of the person entering into a 10b5-1 Plan and the total amount of securities to be purchased or sold under the 10b5-1 Plan.**

<u>Special Pre-Clearance and Reporting Requirements for "Section 16 Officers"</u>

Under the securities laws and Company policy, additional requirements and restrictions apply to securities transactions by members of the Board of Directors, persons and groups that beneficially own more than 10% of any class of Under Armour equity securities, and section 16 officers. If you are a section 16 officer, you will be contacted separately with further information. Section 16 officers must, in addition to complying with the policies set forth above, seek and obtain approval from the Corporate Secretary before effecting any transactions in Under Armour securities, promptly report all such transactions to the Corporate Secretary, and otherwise comply with the requirements of Section 16 of the Securities Exchange Act of 1934 and the SEC rules, including

UNDER ARMOUR

Insider Trading Policy \| page 5

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![image1.jpg](image1.jpg)

the requirement that such transactions be disclosed in filings with the SEC within the time periods prescribed by applicable law. Prior to entering into a 10b5-1 Plan, members of the Board of Directors and section 16 officers must provide a copy of the 10b5-1 Plan to the Corporate Secretary and represent that they do not possess any material non-public information. Transactions in strict accordance with a lawfully adopted 10b5-1 Plan need not be individually pre-approved by the Corporate Secretary if a copy of the 10b5-1 Plan has previously been provided to the Corporate Secretary, but they must be promptly reported in writing to the Corporate Secretary and publicly disclosed to the extent required in the rules set by Section 16 of the Securities Exchange Act of 1934.

<u>Applicability of this Insider Trading Policy to Former Employees</u>

Subject to any additional terms, conditions or restrictions that may be set forth in an agreement between you and Under Armour, the provisions of this insider trading policy related to trading blackout periods will continue to apply to you until the expiration of any trading blackout period pending at the time you separate from Under Armour. In addition, even after your departure from the Company, you are reminded that securities laws prohibit you from trading in Under Armour securities if you are in possession of material non-public information when your service terminates until that information has become public or is no longer material.

<u>Additional Requirements</u>

Members of the Board of Directors and section 16 officers shall represent annually that they have reviewed and agree to comply with this insider trading policy. In addition, the Chief Legal Officer will provide to the Board of Directors an annual report regarding stock sales by section 16 officers during the prior fiscal year.

<u>Personal Responsibility for Compliance</u>

Compliance with this insider trading policy is not an assurance that an insider trading violation will not be found to have occurred. This insider trading policy is only designed to reduce the risk that such violation will be found to have occurred. You should remember that the ultimate responsibility for adhering to this insider trading policy and avoiding improper trading rests exclusively with you. With respect to Designated Insiders, preclearance of trades and, if applicable, of 10b5-1 Plans does not reduce the obligations imposed on such Designated Insider by applicable laws. Any action on the part of Under Armour or the Corporate Secretary or her or his designee does not in any way constitute legal advice or insulate an Designated Insider from liability under applicable securities laws.

You must notify the Chief Legal Officer & Corporate Secretary if you become aware of a breach of this insider trading policy. In addition, you are encouraged to report suspicious trading activity or potential violations of this insider trading policy or securities laws, and may do so to the Chief Legal Officer & Corporate Secretary, the Global Ethics & Compliance team (globalcompliance@underarmour.com), or through Under Armour's hotline (uahotline.com), where you can choose to make a web report or find the local phone number for your country. No retaliation will be taken against you for raising a concern or allegation in good faith, and any such report made in good faith will be covered by the Company's Whistleblower Policy.

UNDER ARMOUR

Insider Trading Policy \| page 6

## Exhibit 21.01

**Exhibit 21.01**

---

| | |
|:---|:---|
| **Subsidiaries** | **Incorporation** |
| Under Armour Europe B.V. | The Netherlands |
| Under Armour Retail, Inc. | Maryland |
| UA Global Sourcing Limited | Hong Kong |
| Under Armour International Holdings Limited | Hong Kong |
| Under Armour Global Limited | Republic of Cyprus |

---

Subsidiaries not included in the list are omitted because, considered in the aggregate as a single subsidiary, they do not constitute a significant subsidiary.

## Exhibit 23.01

**Exhibit 23.01**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-282350, 333-129932, 333-130567, 333-172423, 333-210486, 333-210844, 333-234809, and 333-274601) of Under Armour, Inc. of our report dated May 19, 2026 relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

May 19, 2026

## Exhibit 31.01

**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 annual report on Form 10-K 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: May 19, 2026

---

| |
|:---|
| /s/ KEVIN A. PLANK |
| Kevin A. Plank |
| *President and Chief Executive Officer Principal Executive Officer* |

---

## Exhibit 31.02

**Exhibit 31.02**

**Certification of Chief Financial Officer** 

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

I, Reza Taleghani, certify that:

1. I have reviewed this annual report on Form 10-K 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: May 19, 2026

---

| |
|:---|
| /s/ REZA TALEGHANI |
| Reza Taleghani |
| *Chief Financial Officer Principal Financial Officer* |

---

## Exhibit 32.01

**Exhibit 32.01** 

Certification of Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the annual report on Form 10-K of the Company for the period ended March 31, 2026 (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

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

Date: May 19, 2026

---

| |
|:---|
| /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.

## Exhibit 32.02

**Exhibit 32.02**

Certification of Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the annual report on Form 10-K of the Company for the period ended March 31, 2026 (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

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

Date: May 19, 2026

---

| |
|:---|
| /s/ REZA TALEGHANI |
| Reza Taleghani |
| *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.

<br>