SCHEDULE: Fairfax Group Discloses 9% Stake in Under Armour

V. Prem Watsa and affiliated entities, including Fairfax Financial Holdings, reported a 9.0% beneficial ownership in Under Armour Class A Common Stock.

Summary

• V. Prem Watsa and a group of affiliated entities, including Fairfax Financial Holdings Limited, collectively beneficially own 16,991,049 shares of Under Armour, Inc. Class A Common Stock.
• This ownership represents 9.0% of the outstanding Class A Common Stock, calculated based on 188,834,386 shares outstanding as of October 31, 2025.
• The reporting persons have shared voting and dispositive power over all 16,991,049 shares.
• The filing indicates that this Schedule 13G constitutes a late filing due to an inadvertent administrative error.
• The securities were not acquired and are not held for the purpose of changing or influencing the control of Under Armour, Inc.

Sentiment

Score: 5

Explanation: The filing is largely neutral, being a mandatory ownership disclosure. The minor negative of a late filing is offset by the implied confidence of a significant institutional stake, resulting in a balanced sentiment.

Positives

• A significant stake by a prominent investor group like Fairfax Financial Holdings, led by V. Prem Watsa, could be interpreted as a long-term vote of confidence in Under Armour's value.

Negatives

• The filing was submitted late due to an inadvertent administrative error, indicating a minor compliance oversight.

Risks

• The late filing due to an inadvertent administrative error represents a minor compliance risk for the reporting persons.

Future Outlook

The filing is an ownership disclosure and does not contain forward-looking statements or guidance from Under Armour, Inc. or the reporting persons regarding the company's future performance.

Management Comments

• V. Prem Watsa certified that, to the best of his knowledge and belief, the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing indicates a significant passive investment by a large institutional group in Under Armour, Inc. Such disclosures are common for investors holding more than 5% of a company's stock, providing transparency on major ownership positions without signaling an intent for corporate control.

Stakeholder Impact

• Shareholders: The disclosure of a significant 9.0% stake by a reputable institutional investor group may provide a degree of confidence or stability, signaling a belief in the company's long-term prospects.
• Management: Awareness of a large, passive institutional holder may influence strategic decisions, though the filing explicitly disclaims intent to influence control.

Key Dates

Keywords

Under Armour, Fairfax Financial Holdings, V. Prem Watsa, Class A Common Stock, Beneficial Ownership, SEC Filing, Schedule 13G, Institutional Investor, Equity Stake