SCHEDULE: Fairfax Financial Boosts Under Armour Stake to 22.2%

Fairfax Financial Holdings and its affiliates have significantly increased their beneficial ownership in Under Armour, Inc. Class A Common Stock to 22.2%, acquiring over 35 million shares in the last 60 days.

Summary

• Fairfax Financial Holdings Limited and its affiliated entities, including V. Prem Watsa, collectively beneficially own 41,958,923 Class A Shares of Under Armour, Inc.
• This aggregate ownership represents 22.2% of Under Armour's Class A Common Stock, based on 188,834,386 Class A Shares outstanding as of October 31, 2025.
• The reporting persons acquired these shares for investment purposes, using cash on hand from existing investment portfolios.
• Between November 6, 2025, and December 30, 2025, Fairfax affiliates purchased a total of 35,546,123 Class A Shares in the open market.
• Purchase prices for these transactions ranged from approximately $4.2958 to $5.1408 per share.
• Key entities within the Fairfax group holding significant stakes include FFHL Group Ltd. (15.1%), Crum & Forster Holdings Corp. (9.9%), Allied World Assurance Company Holdings, Ltd (5.6%), and Odyssey Group Holdings, Inc. (5.2%).

Sentiment

Score: 8

Explanation: The filing indicates a strong positive sentiment due to a significant increase in ownership by a prominent value investor, suggesting confidence in the issuer's prospects. The active accumulation of shares reinforces this positive outlook.

Positives

• A significant increase in beneficial ownership by Fairfax Financial Holdings, a renowned value investor, signals strong confidence in Under Armour's long-term prospects.
• The substantial purchases of over 35 million shares in the last 60 days demonstrate active accumulation and a conviction in the current valuation of Under Armour's Class A shares.

Risks

• The reporting persons may determine to sell some or all of their securities in the future, which could exert downward pressure on the stock price.
• Investment decisions are subject to market conditions, availability of funds, evaluation of alternative investments, and other factors, introducing uncertainty regarding future actions.

Future Outlook

The reporting persons acquired the Class A Shares for investment purposes and may determine to purchase additional securities or sell existing holdings in Under Armour, Inc. in the future, depending on market conditions and other investment factors. There are no present plans to effect other transactions specified in Item 4 of Schedule 13D.

Industry Context

Fairfax Financial Holdings Limited is a Canadian holding company engaged in property and casualty insurance and reinsurance and investment management. Its significant and recently increased stake in Under Armour, Inc. reflects a strategic investment by a major financial conglomerate, often indicative of a long-term value-oriented approach to the consumer discretionary and athletic apparel sector.

Stakeholder Impact

• Shareholders: The increased stake by a major institutional investor could be viewed positively, potentially signaling confidence in the company's value and future performance.
• Management: A significant and active shareholder like Fairfax Financial may influence strategic decisions or corporate governance.

Next Steps

• Reporting persons may purchase additional securities of Under Armour, Inc. in the open market or otherwise.
• Reporting persons may sell some or all of their securities of Under Armour, Inc.

Key Dates

Recommendation

The substantial increase in beneficial ownership by Fairfax Financial Holdings, led by renowned value investor V. Prem Watsa, signals a strong conviction in Under Armour's valuation and future potential. The aggressive accumulation of over 35 million shares in the last 60 days, representing a significant portion of their total 22.2% stake, suggests that Fairfax sees considerable upside at current price levels. This move by a sophisticated, long-term investor typically serves as a positive indicator for other market participants.

Keywords

Under Armour, Fairfax Financial Holdings, V. Prem Watsa, Schedule 13D, Beneficial Ownership, Class A Common Stock, Investment, Share Acquisition, Institutional Investor, Equity Stake