SCHEDULE: Fairfax Financial Boosts Under Armour Class A Stake to 16.1%

V. Prem Watsa and Fairfax Financial Holdings Limited, along with its subsidiaries, report a significant 16.1% beneficial ownership in Under Armour, Inc.'s Class A Common Stock.

Summary

• V. Prem Watsa and Fairfax Financial Holdings Limited, through a group of entities, beneficially own 30,454,445 shares of Under Armour, Inc. Class A Common Stock.
• This aggregate ownership represents 16.1% of the Class A Common Stock outstanding.
• The percentage is calculated based on 188,834,386 Class A Shares outstanding as of October 31, 2025, as reported by Under Armour, Inc.
• The reporting persons, including V. Prem Watsa and Fairfax Financial Holdings Limited, share both voting and dispositive power over these 30,454,445 shares.
• The filing explicitly states that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive investment by a well-regarded institutional investor, V. Prem Watsa and Fairfax Financial Holdings, in Under Armour. This generally signals confidence in the company's long-term prospects, although it is a factual ownership report rather than a performance update.

Positives

• A significant 16.1% stake by a prominent institutional investor like Fairfax Financial Holdings Limited, led by V. Prem Watsa, can be interpreted as a vote of confidence in Under Armour's long-term value and prospects.
• The passive nature of the investment, as certified by the reporting persons, suggests a belief in the company's current management and strategic direction without immediate intent for activist intervention.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Under Armour, Inc. or the reporting persons regarding the issuer's future performance.

Industry Context

A substantial passive investment by a value-oriented conglomerate like Fairfax Financial Holdings in a major athletic apparel and footwear company like Under Armour suggests a belief in the long-term stability and potential recovery or growth of the brand within the competitive sports industry. Such an investment could signal a perceived undervaluation or strong fundamental prospects for Under Armour.

Stakeholder Impact

• Shareholders: The disclosure of a large institutional stake by Fairfax Financial Holdings could instill greater confidence among existing shareholders and potentially attract new investors, viewing it as a positive endorsement.
• Management: The passive nature of the investment suggests that management can continue executing its strategy without immediate pressure for significant changes from this particular shareholder group.

Key Dates

Recommendation

The filing reveals a substantial, passive stake by a respected institutional investor, V. Prem Watsa and Fairfax Financial Holdings, in Under Armour. While this is a positive signal of long-term confidence, the filing itself does not provide new operational or financial data to warrant an immediate 'buy' or 'sell' recommendation. The 'hold' recommendation reflects the stability implied by a significant, non-activist institutional investment, suggesting that current investors may wish to maintain their positions based on this endorsement, pending further operational updates.

Keywords

Under Armour, Fairfax Financial Holdings, V. Prem Watsa, Class A Common Stock, Beneficial Ownership, Institutional Investor, SEC Filing, UA, Apparel, Footwear