Under Armour (NYSE: UA) major holder Fairfax group reports large share buys

Rhea-AI Filing Summary

Under Armour, Inc. director and more than 10% owner reporting persons disclosed significant open‑market purchases of both Class A and Class C common shares on December 30, 2025. They acquired 11,504,478 Class A Common Shares at a weighted average price of $5.1408 per share, bringing their indirectly held Class A position to 41,958,923 shares. They also purchased 1,677,991 Class C Common Shares at a weighted average price of $4.9474, increasing their indirectly held Class C position to 9,457,355 shares. The securities are held by wholly owned subsidiaries of Fairfax Financial Holdings Limited, with Prem Watsa as Chief Executive Officer and controlling person through specified holding companies, and each reporting person disclaims beneficial ownership beyond any pecuniary interest.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WATSA V PREM ET AL

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Under Armour, Inc. [ UA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Shares	12/30/2025		P		11,504,478	A	$5.1408(1)	41,958,923	I	See Footnote(3)
Class C Common Shares	12/30/2025		P		1,677,991	A	$4.9474(2)	9,457,355	I	See Footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

WATSA V PREM ET AL

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

FAIRFAX FINANCIAL HOLDINGS LTD/ CAN

(Last) (First) (Middle)

95 WELLINGTON STREET WEST

SUITE 800

(Street)

TORONTO A6 M5J 2N7

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Represents the weighted average price of the Class A Common Shares purchased on December 30, 2025, ranging from a low of $4.9950 to a high of $5.1900 per share. The Reporting Persons undertake, upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer to provide full information regarding the number of shares purchased at each separate price.

2. Represents the weighted average price of the Class C Common Shares purchased on December 30, 2025, ranging from a low of $4.8100 to a high of $4.9800 per share. The Reporting Persons undertake, upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer to provide full information regarding the number of shares purchased at each separate price.

3. These securities are held by wholly-owned subsidiaries of Fairfax Financial Holdings Limited. Mr. Watsa is the Chief Executive Officer and controlling person of Fairfax Financial Holdings Limited through certain holding companies he controls, including The Second 810 Holdco Ltd, The Second 1109 Holdco Ltd, and The Sixty Two Investment Company Limited. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Exchange Act, except to the extent of its or his pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Persons is a beneficial owner for the purpose of Section 16 of the Exchange Act, or for any other purpose.

	/s/ V. Prem Watsa	01/02/2026
	/s/ Peter Clarke, President and Chief Operating Officer, on behalf of Fairfax Financial Holdings Limited	01/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transaction did Under Armour (UA) report in this Form 4?

The filing reports that reporting persons associated with Fairfax Financial Holdings Limited, who are directors and more than 10% owners of Under Armour, Inc., purchased large blocks of both Class A and Class C common shares in open‑market transactions on December 30, 2025.

How many Under Armour Class A shares were bought and at what price?

The reporting persons acquired 11,504,478 Class A Common Shares on December 30, 2025 at a weighted average price of $5.1408 per share, with trade prices ranging from $4.9950 to $5.1900 per share.

How many Under Armour Class C shares were bought and at what price?

They purchased 1,677,991 Class C Common Shares on December 30, 2025 at a weighted average price of $4.9474 per share, with individual trade prices ranging from $4.8100 to $4.9800 per share.

What is the reporting group’s Under Armour ownership after these transactions?

Following the reported transactions, the reporting persons indirectly beneficially owned 41,958,923 Class A Common Shares and 9,457,355 Class C Common Shares, held through wholly owned subsidiaries of Fairfax Financial Holdings Limited.

Who are the reporting persons in this Under Armour (UA) insider filing?

The securities are held by wholly owned subsidiaries of Fairfax Financial Holdings Limited. Prem Watsa is identified as Chief Executive Officer and controlling person of Fairfax through holding companies including The Second 810 Holdco Ltd, The Second 1109 Holdco Ltd, and The Sixty Two Investment Company Limited.

Do the reporting persons claim full beneficial ownership of the Under Armour shares?

The filing states that each reporting person disclaims beneficial ownership of the reported securities for purposes of Rule 16a‑1(a), except to the extent of its or his pecuniary interest, and that the report is not an admission of beneficial ownership for any purpose.