UNDER ARMOUR REPORTS FOURTH QUARTER FISCAL 2025 RESULTS; PROVIDES FIRST QUARTER FISCAL 2026 OUTLOOK

, /PRNewswire/ -- Under Armour, Inc. (NYSE: UAA, UA) announced its unaudited financial results for the fourth quarter and full fiscal year 2025, which ended on March 31, 2025. The company reports its financial performance in accordance with accounting principles generally accepted in the United States ("GAAP"). This press release includes references to "currency neutral" and "adjusted" amounts, which are non-GAAP financial measures detailed in the "Non-GAAP Financial Information" section below. "One year into our strategic reset, we're laying the groundwork for a more focused Under Armour. By elevating products and storytelling, tightening distribution, and refining our operating model, we are in the process of reigniting brand relevance and positioning the business for sustainable, profitable growth," said Under Armour President and CEO Kevin Plank. "Our fourth quarter performance contributed to fiscal 2025 results that were better than the expectations we set a year ago and we are demonstrating traction in our efforts to reposition the brand." Fourth Quarter Fiscal 2025 Review Revenue was down 11 percent to $1.2 billion (down 10 percent currency neutral). North American revenue decreased 11 percent to $689 million, while international revenue declined 13 percent to $489 million (down 10 percent currency neutral). Within the international business, revenue declined 2 percent (flat currency neutral) in EMEA, 27 percent in Asia-Pacific (26 percent currency neutral), and 10 percent in Latin America (up 3 percent currency neutral). Wholesale revenue decreased 10 percent to $768 million, and direct-to-consumer revenue fell 15 percent to $386 million. Revenue from owned and operated stores declined 6 percent, while eCommerce revenue dropped 27 percent due to ongoing planned reductions in promotional activities, accounting for 37 percent of the total direct-to-consumer business for the quarter. Apparel revenue decreased 11 percent to $780 million, footwear revenue declined 17 percent to $282 million, and accessories revenue increased 2 percent to $92 million. Gross margin increased 170 basis points to 46.7 percent, primarily driven by supply chain benefits, including lower product and freight costs, reduced direct-to-consumer discounting, and positive impacts from product mix and foreign exchange, partially offset by an unfavorable channel and regional mix. Selling, general, and administrative expenses increased 1 percent to $607 million. Adjusted selling, general, and administrative expenses increased 7 percent to $586 million, which excludes approximately $16 million in transformation expenses related to our Fiscal 2025 Restructuring Program and roughly $5 million in litigation settlement expenses. Restructuring charges were $16 million. Operating loss was $72 million. Excluding the transformation expenses, restructuring charges, and litigation settlement expenses, the adjusted operating loss was $36 million. Net loss was $67 million. Adjusted net loss was $35 million. Diluted loss per share was $0.16. Adjusted diluted loss per share was $0.08. Inventory was down 1% to $946 million. Cash and cash equivalents totaled $501 million, and there were no outstanding borrowings under the company's $1.1 billion revolving credit facility. Full Year Fiscal 2025 Review Revenue decreased 9 percent to $5.2 billion (down 9 percent currency neutral). North American revenue decreased 11 percent to $3.1 billion, while international revenue fell 6 percent to $2.1 billion (down 5 percent currency neutral). Within the international business, revenue was flat in EMEA (flat currency neutral) and declined 13 percent in Asia-Pacific (down 13 percent currency neutral) and 6 percent in Latin America (flat currency neutral). Wholesale revenue fell 8 percent to $3.0 billion, and direct-to-consumer revenue declined 11 percent to $2.1 billion. Revenue from owned and operated stores decreased 2 percent, while eCommerce revenue dropped 23 percent due to planned reductions in promotional activities, which accounted for 35 percent of the total direct-to-consumer business for the year. Apparel revenue fell 9 percent to $3.5 billion, footwear revenue declined 13 percent to $1.2 billion, and accessories revenue rose 1 percent to $411 million. Gross margin increased 180 basis points to 47.9 percent, primarily due to supply chain benefits, including reduced freight and product costs and a decrease in direct-to-consumer discounting. This increase was partially offset by unfavorable impacts from regional and channel mix fluctuations and foreign currency exchange variations. Selling, general, and administrative expenses increased 8 percent to $2.6 billion. Adjusted selling, general, and administrative expenses fell 2 percent to $2.3 billion, which excludes $266 million in litigation settlement expenses, approximately $31 million in transformation costs related to our Fiscal 2025 Restructuring Program, and an impairment of $28 million related to exiting our previous global headquarters. Restructuring charges were $58 million. Operating loss was $185 million. Excluding the company's litigation settlement expenses, transformation expenses, restructuring charges, and impairment charges, adjusted operating income stood at $198 million. Net loss was $201 million. Adjusted net income was $135 million. Diluted loss per share was $0.47. Adjusted diluted earnings per share was $0.31. Share Buyback Program Under Armour repurchased $25 million of its Class C common stock in the fourth quarter, retiring 4.1 million shares. As of March 31, 2025, a total of 12.8 million shares had been repurchased for $90 million as part of a three-year, $500 million program approved by the Board of Directors in May 2024. Fiscal 2025 Restructuring Plan In May 2024, Under Armour announced a restructuring plan to improve the company's financial and operational efficiencies. The plan has an anticipated range of $140 million to $160 million, with up to $90 million expected to be cash-related and as much as $70 million projected as non-cash charges. By the end of the fourth fiscal quarter of 2025, the company recognized $58 million in restructuring and impairment charges and $31 million in other related transformational expenses under the plan. Out of the total $89 million incurred so far, $55 million is cash-related, and $34 million is non-cash-related. The company anticipates that the remaining charges outlined in the updated restructuring plan will be realized during fiscal 2026. First Quarter Fiscal 2026 Outlook "As we look toward fiscal 2026 amid a complex macroeconomic backdrop, our sharpened execution, alignment, and focus – bolstered by the move to a category-led operating model – equip us to navigate ongoing volatility with resilience," continued Plank. "I'm confident in the agility we've built over the past year, and we are raising our bar of excellence at Under Armour." Given the uncertainty surrounding evolving trade policies and the macroeconomic environment, including potential demand-related and cost impacts from tariffs, the company is providing an outlook solely for the first quarter of fiscal 2026. Key points related to Under Armour's first quarter fiscal 2026 outlook include: Revenue is expected to decrease 4 to 5 percent compared to the first quarter of fiscal 2025. This includes an anticipated 4 to 5 percent decline in North America, high single-digit percentage growth in EMEA, and a mid-teen percent rate decline in the Asia-Pacific region. Gross margin is expected to increase 40 to 60 basis points compared to the previous year, driven by a more favorable product mix, lower product and freight costs, and positive foreign exchange impacts. However, this increase is expected to be partially offset by a less favorable channel and regional mix and anticipated impacts from tariffs. Selling, general, and administrative expenses are expected to decrease approximately 40 percent compared to last year's first quarter, which included a $274 million litigation settlement expense. Excluding last year's litigation settlement expense and anticipated transformation costs related to the company's Fiscal 2025 Restructuring Plan, adjusted selling, general, and administrative expenses are expected to leverage slightly compared to the prior-year quarter. Operating income is anticipated to be $5 million to $15 million. Excluding projected restructuring charges and transformation expenses, the expected first quarter adjusted operating income is forecasted to be between $20 million and $30 million. Diluted loss per share is expected to be $0.00 to $0.02. Adjusted diluted earnings per share is anticipated to be $0.01 to $0.03. Conference Call and Webcast Under Armour will host its fourth quarter and full fiscal year 2025 conference call today at approximately 8:30 a.m. Eastern Time. The call will be streamed live at https://about.underarmour.com/investor-relations/financials and will be available for replay roughly three hours after the live event. Non-GAAP Financial Information This press release discusses "currency-neutral" and "adjusted" results, as well as the company's "adjusted" forward-looking estimates for the first quarter of the fiscal year ending March 31, 2026. Management believes this information is valuable for investors seeking to compare the company's operational results across different periods, as it provides clearer insight into its underlying performance by excluding these impacts. Currency-neutral financial data eliminates fluctuations in foreign currency exchange rates. Adjusted financial measures exclude the company's litigation settlement expenses (and related insurance recoveries), impairment charges related to vacating our previous global headquarters, the effects of the fiscal year 2025 restructuring plan and associated charges, and related tax effects. Management asserts these adjustments are not essential to the company's core operations. The reconciliation of non-GAAP figures to the most directly comparable financial measures computed in accordance with GAAP is included in the supplemental financial information that accompanies this release. All per-share amounts are reported on a diluted basis. These supplemental non-GAAP financial measures should not be viewed in isolation; they should be considered alongside the company's reported results prepared under GAAP. Furthermore, the company's non-GAAP financial information may not be comparable to similar measures reported by other companies. About Under Armour, Inc. Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories. Designed to empower human performance, Under Armour's innovative products and experiences are engineered to make athletes better. For further information, please visit http://about.underarmour.com. Forward-Looking Statements Some of the statements contained in this press release 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, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions including changes in trade policy and inflation on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from 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 in this press release reflect our current views about future events. They 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 the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Several important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: changes in general economic or market conditions (such as rising inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies) that could influence overall consumer spending or our industry; the impact of global events beyond our control, including military conflicts; and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability; increased competition that may cause us to lose market share, lower product prices or significantly increase marketing efforts; fluctuations in the costs of raw materials and commodities we use in our products and supply chain (including labor); our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business; changes in the financial health of our customers; our ability to effectively develop and launch new, innovative, and updated products; our ability to accurately forecast consumer preferences and demand for our products and to effectively manage our inventory; our ability to successfully execute potential restructuring plans and achieve expected benefits; loss of key customers, suppliers, or manufacturers; our ability to further expand our business globally and drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; our ability to effectively market and maintain a positive brand image; our ability to successfully manage or achieve expected outcomes from significant transactions and investments; our ability to attract key talent and retain the services of our senior management and other key employees; our ability to effectively meet regulatory requirements and stakeholder expectations with respect to sustainability and social matters; the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology; any disruptions, delays or deficiencies in the design, implementation, or application of our global operating and financial reporting information technology system; our ability to access capital and financing required to manage our business on terms acceptable to us; our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results; risks related to foreign currency exchange rate fluctuations; our ability to comply with existing trade and other regulations; risks related to data security or privacy breaches; the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain; and our potential exposure to and the financial impact of litigation and other proceedings. The forward-looking statements here reflect our views and assumptions only as of the date of this press release. 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 unanticipated events. Under Armour, Inc. For the Three Months and Year Ended March 31, 2025, and 2024 (Unaudited; in thousands, except per share amounts) CONSOLIDATED STATEMENTS OF OPERATION Three Months Ended March 31, Year Ended March 31, in '000s 2025 % of NetRevenues 2024 % of NetRevenues 2025 % of NetRevenues 2024 % of NetRevenues Net revenues $ 1,180,583 100.0 % $ 1,332,197 100.0 % $ 5,164,310 100.0 % $ 5,701,879 100.0 % Cost of goods sold 629,801 53.3 % 732,601 55.0 % 2,689,566 52.1 % 3,071,626 53.9 % Gross profit 550,782 46.7 % 599,596 45.0 % 2,474,744 47.9 % 2,630,253 46.1 % Selling, general and administrative expenses 607,133 51.4 % 603,150 45.3 % 2,601,991 50.4 % 2,400,502 42.1 % Restructuring charges 15,726 1.3 % — — % 57,969 1.1 % — — % Income (loss) from operations (72,077) (6.1) % (3,554) (0.3) % (185,216) (3.6) % 229,751 4.0 % Interest income (expense), net (3,321) (0.3) % 2,478 0.2 % (6,115) (0.1) % 268 — % Other income (expense), net (4,718) (0.4) % (3,708) (0.3) % (13,431) (0.3) % 32,055 0.6 % Income (loss) before income taxes (80,116) (6.8) % (4,784) (0.4) % (204,762) (4.0) % 262,074 4.6 % Income tax expense (benefit) (12,198) (1.0) % (11,327) (0.9) % (2,890) (0.1) % 30,006 0.5 % Income (loss) from equity method investments 461 — % 25 — % 605 — % (26) — % Net income (loss) $ (67,457) (5.7) % $ 6,568 0.5 % $ (201,267) (3.9) % $ 232,042 4.1 % Basic net income (loss) per share of Class A, B and C common stock $ (0.16) $ 0.02 $ (0.47) $ 0.53 Diluted net income (loss) per share of Class A, B and C common stock $ (0.16) $ 0.02 $ (0.47) $ 0.52 Weighted average common shares outstanding Class A, B and C common stock Basic 429,292 435,582 432,245 440,324 Diluted 429,292 447,385 432,245 451,011 Under Armour, Inc. For the Three Months and Year Ended March 31, 2025, and 2024 (Unaudited; in thousands) NET REVENUES BY SEGMENT Three Months Ended March 31, Year Ended March 31, in '000s 2025 2024 % Change 2025 2024 % Change North America $ 689,399 $ 771,870 (10.7) % $ 3,105,624 $ 3,505,167 (11.4) % EMEA 278,618 284,134 (1.9) % 1,086,578 1,081,915 0.4 % Asia-Pacific 164,828 226,704 (27.3) % 755,437 873,019 (13.5) % Latin America 45,087 50,241 (10.3) % 215,427 229,481 (6.1) % Corporate Other (1) 2,651 (752) (452.5) % 1,244 12,297 (89.9) % Total net revenues $ 1,180,583 $ 1,332,197 (11.4) % $ 5,164,310 $ 5,701,879 (9.4) % NET REVENUES BY DISTRIBUTION CHANNEL Three Months Ended March 31, Year Ended March 31, in '000s 2025 2024 % Change 2025 2024 % Change Wholesale $ 767,603 $ 849,805 (9.7) % $ 2,978,869 $ 3,243,187 (8.1) % Direct-to-consumer 386,110 454,690 (15.1) % 2,089,607 2,335,154 (10.5) % Net Sales 1,153,713 1,304,495 (11.6) % 5,068,476 5,578,341 (9.1) % License revenues 24,219 28,454 (14.9) % 94,590 111,241 (15.0) % Corporate Other (1) 2,651 (752) (452.5) % 1,244 12,297 (89.9) % Total net revenues $ 1,180,583 $ 1,332,197 (11.4) % $ 5,164,310 $ 5,701,879 (9.4) % NET REVENUES BY PRODUCT CATEGORY Three Months Ended March 31, Year Ended March 31, in '000s 2025 2024 % Change 2025 2024 % Change Apparel $ 780,366 $ 877,347 (11.1) % $ 3,451,414 $ 3,789,016 (8.9) % Footwear 281,845 337,738 (16.5) % 1,206,202 1,383,610 (12.8) % Accessories 91,502 89,410 2.3 % 410,860 405,715 1.3 % Net Sales 1,153,713 1,304,495 (11.6) % 5,068,476 5,578,341 (9.1) % Licensing revenues 24,219 28,454 (14.9) % 94,590 111,241 (15.0) % Corporate Other (1) 2,651 (752) (452.5) % 1,244 12,297 (89.9) % Total net revenues $ 1,180,583 $ 1,332,197 (11.4) % $ 5,164,310 $ 5,701,879 (9.4) % (1) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. Under Armour, Inc. For the Three Months and Year Ended March 31, 2025, and 2024 (Unaudited; in thousands) INCOME (LOSS) FROM OPERATIONS BY SEGMENT Three Months Ended March 31, Year Ended March 31, in '000s 2025 % of Net Revenues (1) 2024 % of NetRevenues (1) 2025 % of Net Revenues (1) 2024 % of Net Revenues (1) North America $ 100,302 14.5 % $ 139,841 18.1 % $ 629,518 20.3 % $ 677,882 19.3 % EMEA 33,021 11.9 % 58,467 20.6 % 147,182 13.5 % 176,205 16.3 % Asia-Pacific 15,029 9.1 % 33,630 14.8 % 73,187 9.7 % 119,650 13.7 % Latin America 6,004 13.3 % 5,642 11.2 % 47,532 22.1 % 38,401 16.7 % Corporate Other (2) (226,433) NM (241,134) NM (1,082,635) NM (782,387) NM Income (loss) from operations $ (72,077) (6.1) % $ (3,554) (0.3) % $ (185,216) (3.6) % $ 229,751 4.0 % (1) The percentage of operating income (loss) is calculated based on total segment net revenues. The operating income (loss) percentage for Corporate Other is not presented as a meaningful metric (NM). (2) Corporate Other primarily includes net revenues from foreign currency hedge gains and losses generated by entities within the company's operating segments but managed through its central foreign exchange risk management program. Corporate Other also includes expenses related to the company's central supporting functions. Under Armour, Inc. As of March 31, 2025, and March 31, 2024 (Unaudited; in thousands) CONDENSED CONSOLIDATED BALANCE SHEETS in '000s March 31, 2025 March 31, 2024 Assets Current assets Cash and cash equivalents $ 501,361 $ 858,691 Accounts receivable, net 675,822 757,339 Inventories 945,836 958,495 Prepaid expenses and other current assets, net 206,078 289,157 Total current assets 2,329,097 2,863,682 Property and equipment, net 645,147 664,503 Operating lease right-of-use assets 384,341 434,699 Goodwill 487,632 478,302 Intangible assets, net 5,224 7,000 Deferred income taxes 286,160 221,033 Other long-term assets 163,270 91,515 Total assets $ 4,300,871 $ 4,760,734 Liabilities and Stockholders' Equity Current maturities of long-term debt $ — $ 80,919 Accounts payable 429,944 483,731 Accrued expenses 348,747 287,853 Customer refund liabilities 146,021 139,283 Operating lease liabilities 130,050 139,331 Other current liabilities 54,381 34,344 Total current liabilities 1,109,143 1,165,461 Long-term debt, net of current maturities 595,125 594,873 Operating lease liabilities, non-current 574,277 627,665 Other long-term liabilities 132,048 219,449 Total liabilities 2,410,593 2,607,448 Total stockholders' equity 1,890,278 2,153,286 Total liabilities and stockholders' equity $ 4,300,871 $ 4,760,734 Under Armour, Inc. For the Year Ended March 31, 2025 and 2024 (Unaudited; in thousands) CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended March 31, 2025 2024 Cash flows from operating activities Net income (loss) $ (201,267) $ 232,042 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 135,804 142,590 Unrealized foreign currency exchange rate (gain) loss (14,636) 16,080 Loss on disposal of property and equipment 6,373 1,623 Non-cash restructuring and impairment charges 53,765 6,179 Amortization of bond premium and debt issuance costs 2,319 2,034 Stock-based compensation 52,974 42,998 Deferred income taxes (61,794) (23,693) Changes in reserves and allowances 4,409 13,612 Changes in operating assets and liabilities: Accounts receivable 79,981 (3,906) Inventories 10,941 216,484 Prepaid expenses and other assets 13,116 (29,060) Other non-current assets (41,777) 34,920 Accounts payable (58,465) (197,887) Accrued expenses and other liabilities (62,675) (18,267) Customer refund liabilities 6,805 (21,427) Income taxes payable and receivable 14,808 (60,352) Net cash provided by (used in) operating activities (59,319) 353,970 Cash flows from investing activities Purchases of property and equipment (168,684) (150,333) Sale of MyFitnessPal platform 50,000 45,000 Sale of MapMyFitness platform 8,000 — Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired (8,120) — Purchase of equity method investment in ISC Sport (7,546) — Net cash provided by (used in) investing activities (126,350) (105,333) Cash flows from financing activities Common stock repurchased (90,000) (75,000) Repayment of long-term debt (80,919) — Employee taxes paid for shares withheld for income taxes (9,686) (6,163) Excise tax paid on repurchases of common stock (628) — Proceeds from exercise of stock options and other stock issuances 2,494 3,193 Payments of debt financing costs (2,067) (720) Net cash provided by (used in) financing activities (180,806) (78,690) Effect of exchange rate changes on cash, cash equivalents and restricted cash 4,609 (19,775) Net increase (decrease) in cash, cash equivalents and restricted cash (361,866) 150,172 Cash, cash equivalents and restricted cash Beginning of period 876,917 726,745 End of period $ 515,051 $ 876,917 Under Armour, Inc. For the Three Months and Year Ended March 31, 2025 (Unaudited) The table below presents the reconciliation of net revenue growth (decline) calculated according to GAAP to currency-neutral net revenue, a non-GAAP measure.For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above. CURRENCY-NEUTRAL NET REVENUE GROWTH (DECLINE) RECONCILIATION Three Months Ended March 31, 2025 Year Ended March 31, 2025 Total Net Revenue Net revenue growth - GAAP (11.4) % (9.4) % Foreign exchange impact 1.6 % 0.5 % Currency neutral net revenue growth - Non-GAAP (9.8) % (8.9) % North America Net revenue growth - GAAP (10.7) % (11.4) % Foreign exchange impact 0.6 % 0.2 % Currency neutral net revenue growth - Non-GAAP (10.1) % (11.2) % EMEA Net revenue growth - GAAP (1.9) % 0.4 % Foreign exchange impact 2.1 % (0.1) % Currency neutral net revenue growth - Non-GAAP 0.2 % 0.3 % Asia-Pacific Net revenue growth - GAAP (27.3) % (13.5) % Foreign exchange impact 1.7 % 0.9 % Currency neutral net revenue growth - Non-GAAP (25.6) % (12.6) % Latin America Net revenue growth - GAAP (10.3) % (6.1) % Foreign exchange impact 13.0 % 6.0 % Currency neutral net revenue growth - Non-GAAP 2.7 % (0.1) % Total International Net revenue growth - GAAP (12.9) % (5.8) % Foreign exchange impact 2.9 % 0.9 % Currency neutral net revenue growth - Non-GAAP (10.0) % (4.9) % Under Armour, Inc. For the Three Months and Year Ended March 31, 2025 (Unaudited; in thousands, except per share amounts) The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above. ADJUSTED SELLING GENERAL AND ADMINISTRATIVE EXPENSES in '000s Three Months Ended March 31, 2025 Year Ended March 31, 2025 GAAP selling, general and administrative expenses $ 607,133 $ 2,601,991 Add: Impact of litigation settlement (4,750) (265,796) Add: Impact of restructuring-related transformational expenses (15,993) (31,193) Add: Impact of other impairment charges — (28,360) Adjusted selling, general and administrative expenses $ 586,390 $ 2,276,642 ADJUSTED OPERATING INCOME (LOSS) RECONCILIATION in '000s Three Months Ended March 31, 2025 Year Ended March 31, 2025 GAAP income (loss) from operations $ (72,077) $ (185,216) Add: Impact of litigation settlement 4,750 265,796 Add: Impact of restructuring charges 15,726 57,969 Add: Impact of restructuring-related transformational expenses 15,993 31,193 Add: Impact of other impairment charges — 28,360 Adjusted income from operations $ (35,608) $ 198,102 ADJUSTED NET INCOME (LOSS) RECONCILIATION in '000s Three Months Ended March 31, 2025 Year Ended March 31, 2025 GAAP net income (loss) $ (67,457) $ (201,267) Add: Impact of litigation settlement 4,750 265,796 Add: Impact of restructuring charges 15,726 57,969 Add: Impact of restructuring-related transformational expenses 15,993 31,193 Add: Impact of other impairment charges — 28,360 Add: Impact of provision for income taxes (3,711) (46,983) Adjusted net income $ (34,699) $ 135,068 Under Armour, Inc. For the Three Months and Year Ended March 31, 2025 (Unaudited; in thousands, except per share amounts) The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above. ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE RECONCILIATION Three Months Ended March 31, 2025 Year Ended March 31, 2025 GAAP diluted net income (loss) per share $ (0.16) $ (0.47) Add: Impact of litigation settlement 0.01 0.61 Add: Impact of restructuring charges 0.04 0.13 Add: Impact of restructuring-related transformational expenses 0.04 0.07 Add: Impact of other impairment charges — 0.07 Add: Impact of provision for income taxes (0.01) (0.10) Adjusted diluted net income per share $ (0.08) $ 0.31 Under Armour, Inc. Outlook for the Quarter Ended June 30, 2025 (Unaudited; in millions, except per share amounts) The tables below reconcile the company's condensed consolidated statement of operations, presented in accordance with GAAP, to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see "Non-GAAP Financial Information" above. ADJUSTED OPERATING INCOME RECONCILIATION (in millions) Quarter Ending June 30, 2025 Low end of estimate High end of estimate GAAP income from operations $ 5 $ 15 Add: Impact of charges under 2025 restructuring plan 15 15 Adjusted income from operations $ 20 $ 30 ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE RECONCILIATION Quarter Ending June 30, 2025 Low end of estimate High end of estimate GAAP diluted net loss per share $ (0.02) $ 0.00 Add: Impact of charges under 2025 restructuring plan, net of tax 0.03 0.03 Adjusted diluted net income per share $ 0.01 $ 0.03 Under Armour, Inc. As of March 31, 2025, and 2024 COMPANY-OWNED & OPERATED DOOR COUNT March 31, 2025 2024 Factory House 180 183 Brand House 15 17 North America total doors 195 200 Factory House 178 173 Brand House 68 67 International total doors 246 240 Factory House 358 356 Brand House 83 84 Total doors 441 440 SOURCE Under Armour, Inc. 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UNDER ARMOUR REPORTS FOURTH QUARTER FISCAL 2025 RESULTS; PROVIDES FIRST QUARTER FISCAL 2026 OUTLOOK

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