Annual Report 2024

Letter from the CEO
Key Financials
Board of Directors

June 27, 2024

Dear Shareholders,

Since Under Armour’s founding nearly 30 years ago, our goal has been to deliver industry-leading, innovative products that empower athletes to perform at the highest levels of competition. With a heritage centered on athletic performance, Under Armour is one of only a few podium brands with the credibility of being recognized worldwide as an authentic, on-field, court, and pitch performance brand. It is a privilege we do not take for granted and represents an immense responsibility. While our strengths are undeniable, we have been inconsistent in recent years in how we show up in the market, articulate stories to consumers, and deliver industry-leading products every day.

At our best, we can deliver incredible innovations and storytelling. In our fourth quarter, we delivered six new footwear drops – Infinite Pro, Infinite Elite, SlipSpeed Mega, and Apparition in running, new Curry colorways at the NBA All-Star game, and Drive Pro in golf, yet we showed up quietly. However, at this year’s Boston Marathon, UA athlete Sharon Lokedi took her third podium wearing the Velociti Elite 2 running shoes – and ahead of the race, our team did a fantastic job flooding social media channels with our messaging. These examples, our SlipSpeed footwear franchise, Unstoppable collection, and women’s Meridian products, demonstrate the power of fully aligning our product and marketing engines.

Moreover, Under Armour delivers some of our industry’s highest-performing innovations and materials sciences, including moisture-wicking, body temperature management, cushioning, compression, and sustainable fabrics. Still, we’ve not consistently communicated our product advantages to athletes – what it is, what it does, and how it will make them better.

This will change. If a product is important enough for us to develop and release, it’s important enough to celebrate with storytelling – if not, we won’t make it. That is a crucial focus of our work as we reconstitute our brand, particularly in North America, moving forward with clarity around our purpose of empowering those who strive for more.

In fiscal 2024, we faced a challenging macroeconomic environment and increasingly competitive industry dynamics, which included historically elevated inventories and a constant drumbeat of promotions. Amid these conditions, our revenue declined 3% to $5.7 billion, primarily due to challenges in our North American business. Even so, our gross margin improved 130 basis points to 46.1%, driven mainly by supply chain benefits, and our adjusted operating income and adjusted diluted earnings per share were in line with the outlook we gave at the beginning of the year.

Due to a confluence of factors, including lower wholesale channel demand and inconsistent execution across our business, we are seizing this critical moment to make proactive decisions to build a premium positioning for our brand, which will pressure our top line in the mid-term. Under Armour embraces its underdog spirit, and we have the grit and determination to tackle this next chapter. The output of this work will take time, but we are moving with urgency to deliver consistently across our business. We have refined and simplified our Protect This House strategy to concentrate on three main priorities to reposition our business: achieving more, doing less, and focusing on our core fundamentals. This is what you can expect from us:

Delivering Products and Storytelling. We will prioritize our core performance and technical innovation competency to avoid competing on price, particularly in North America. To do this, we are editing our product offerings and working to better communicate our product advantages to athletes in the near term – doing more with less and being more intentional with our future offerings by focusing on “better” and “best” level products and driving greater operational efficiency. While a critical mass of elevated offerings won’t fully come to market until the fall/ winter 2025 season, in the next 18 months, we plan to reduce our SKU/style count by 25% and add greater flexibility and speed to our go-to-market capabilities. We are also prioritizing our core men’s apparel business, reorganizing our product and marketing teams around our largest revenue sports categories, and ensuring that our authenticator of Team Sports, like basketball, football, and American football, is front and center to maintain a relationship with our targeted 16-24-year-old athletes. Brands are built with consistency, and we will strengthen our brand in this chapter.
Running Smarter Plays. We allowed ourselves to become overly complex in the last few years. We will be more intentional, simplifying our design language and how we operate. We will streamline our operating model, modernize our supply chain and planning processes, and optimize our cost base to drive greater efficiencies and, ultimately, better profitability. This includes assigning single points of accountable leadership within our product, marketing, and sales organizations to stay fully aligned as we deliver go-to-market strategies focused on our athletes’ needs, giving us greater visibility into the category and product performance critical to creating greater agility and adaptation.
Elevating Consumer Experiences. Our work to elevate the Under Armour brand experience, become more premium, and build better connections with athletes is of particular focus as we look to address our North American business. We will make our eCommerce business a premium platform by deliberately reducing promotions, discounting, and harnessing the growing power of our UA Rewards loyalty program. As a companion piece to this, we plan to increase the awareness and velocity when we release new products – becoming a brand of launches with performance solutions athletes never knew they needed and once they’ve tried them, cannot imagine living without them. We also have a meaningful opportunity to elevate our retail consumer experience at our Brand Houses, which must become a premium showcase for UA, and at our Factory Houses, where we see additional opportunities for margin expansion and a better, more curated expression for our consumers. This North American focus does not mean we’re taking our foot off the gas in international markets, which remain an essential part of our business. We will maintain high-quality sales across all channels and protect our premium brand positioning in every region worldwide.

With these priorities, we are leaning into the things that work well and reducing the complexity that has distracted us from our core mission – to make athletes better. We have a strengthened and experienced management team, the talent and determination to deliver on these objectives, and a strong balance sheet, as evidenced by our Board’s recent approval of a three-year, $500 million Class C share buyback program.

Our strategy will take time to come to fruition. As we execute against our goals – we will remain disciplined in our efforts to strengthen Under Armour, provide stability, and focus on consistent execution to deliver better results for all stakeholders. I am honored to be back leading this iconic brand, and I am excited to bring a clear sense of purpose and 100% commitment to unlocking our full potential and generating more consistent value creation in the future. While on this journey, we will continue to care for the Under Armour brand, our teammates, and our communities, including our home in Baltimore, as we move into our new headquarters later this year.

Thank you for your continued support.

Kevin A. Plank

President and Chief Executive Officer

Under Armour, Inc.

Biography

Dr. El-Erian served as CEO and Co-Chief Investment Officer of PIMCO, one of the world’s premier global investment management firms, from December 2007 to March 2014. He currently serves as Chief Economic Advisor of Allianz, the corporate parent of PIMCO, a role he has held since March 2014, and is the President of Queens’ College, Cambridge. Dr. El-Erian joined PIMCO in 1999 as a senior member of the portfolio management and investment strategy group. In February 2006, he became president and CEO of Harvard Management Company, the entity responsible for managing the university’s endowment, before returning to PIMCO in December 2007 to serve as co-CEO and co-CIO. From December 2012 to January 2017, he was chair of the U.S. President’s Global Development Council. Previously, he was a managing director at Salomon Smith Barney/Citigroup in London and worked at the International Monetary Fund for 15 years, rising to the position of Deputy Director. He serves as non-executive director of Barclays plc and is a member of its Board Risk and Board Nomination Committees. He is a trustee of the NBER and a columnist for Bloomberg and a contributing editor at the Financial Times.

Mohamed El-Erian-Dr. El-Erian served as CEO and Co-Chief Investment Officer of PIMCO, one of the world’s premier global investment management firms, from December 2007 to March 2014. He currently serves as Chief Economic Advisor of Allianz, the corporate parent of PIMCO, a role he has held since March 2014, and is the President of Queens’ College, Cambridge. Dr. El-Erian joined PIMCO in 1999 as a senior member of the portfolio management and investment strategy group. In February 2006, he became president and CEO of Harvard Management Company, the entity responsible for managing the university’s endowment, before returning to PIMCO in December 2007 to serve as co-CEO and co-CIO. From December 2012 to January 2017, he was chair of the U.S. President’s Global Development Council. Previously, he was a managing director at Salomon Smith Barney/Citigroup in London and worked at the International Monetary Fund for 15 years, rising to the position of Deputy Director. He serves as non-executive director of Barclays plc and is a member of its Board Risk and Board Nomination Committees. He is a trustee of the NBER and a columnist for Bloomberg and a contributing editor at the Financial Times.

Biography

Mr. Plank became Under Armour’s President and Chief Executive Officer in April 2024, after serving as Executive Chair and Brand Chief from January 2020 to March 2024. Prior to that, he served as Chief Executive Officer and Chair of the Board of Directors from 1996 to 2019, and President from 1996 to July 2008 and August 2010 to July 2017. Founded in 1996 out of frustration that cotton T-shirts were unable to keep him dry and comfortable while playing football at the University of Maryland, Mr. Plank designed and created a new apparel innovation that efficiently wicked sweat to optimize athletic performance. Over a quarter of a century later and Under Armour has grown into one of the world’s leading developer, marketer, and distributor of branded performance apparel, footwear and accessories. Mr. Plank also serves on the Board of Directors of the National Football Foundation and College Hall of Fame, Inc., and is a member of the Board of Trustees of the University of Maryland College Park Foundation.

Biography

Since May 2010, Mr. Coltharp has served as Executive Vice President and Chief Financial Officer of Encompass Health Corporation (formerly HealthSouth Corporation). Before that, Mr. Coltharp served as a partner at Arlington Capital Advisors and Arlington Investment Partners, a Birmingham, Alabama based financial advisory and private equity business from May 2007 to April 2010 and as Executive Vice President and Chief Financial Officer of Saks Incorporated and its predecessor organization from 1996 to May 2007.

Douglas E. Coltharp-Since May 2010, Mr. Coltharp has served as Executive Vice President and Chief Financial Officer of Encompass Health Corporation (formerly HealthSouth Corporation). Before that, Mr. Coltharp served as a partner at Arlington Capital Advisors and Arlington Investment Partners, a Birmingham, Alabama based financial advisory and private equity business from May 2007 to April 2010 and as Executive Vice President and Chief Financial Officer of Saks Incorporated and its predecessor organization from 1996 to May 2007.

Biography

Ms. DeVard served as Executive Vice President, Chief Customer Officer of Office Depot, Inc. from January 2018 to March 2020, leading their eCommerce and Customer Service functions and Marketing and Communications and as Executive Vice President and Chief Marketing Officer from September 2017 to December 2017. Before that, Ms. DeVard served as Senior Vice President and Chief Marketing Officer of The ADT Corporation, a leading provider of home and business security services, from March 2014 through May 2016. From July 2012 to March 2014, she was Principal of DeVard Marketing Group, a firm specializing in advertising, branding, communications and marketing strategies. Before that, she served as Executive Vice President of Marketing for Nokia. Ms. DeVard served in a number of senior marketing roles throughout her career, including as Senior Vice President of Marketing and Senior Vice President, Marketing Communications and Brand Management of Verizon Communications, Inc., Chief Marketing Officer of the e-Consumer business at Citibank N.A. and other senior marketing positions at Revlon Inc., Harrah’s Entertainment, the NFL’s Minnesota Vikings and the Pillsbury Company. In 2021, Ms. DeVard founded the Black Executive CMO Alliance (BECA), an alliance designed to champion corporate diversity and help build the next generation of C-suite marketing executives. Ms. DeVard currently serves on the Board of Directors of Cars.com and is a member of its Compensation and ESG Committees; on the Board of Directors of Root, Inc. and is a member of its Nominating and Corporate Governance Committee; and on the Board of Directors of Dow Inc. and is a member of its Audit and Environment, Health, Safety and Technology Committees. Ms. DeVard previously served on the Board of Directors of Focus Impact Acquisition Corp. from October 2021 to January 2022.

Biography

Ms. Everson has served since January 2023 as a Senior Advisor for Permira, a private equity firm focused on technology and consumer brands. Before joining Permira, she served as President of Instacart; before that, she was Vice President of the Global Business Group, at Meta Platforms, Inc., from March 2011 to June 2021. Before joining Meta, Ms. Everson held Advertising leadership positions at Microsoft & Viacom. In addition, she is a board member of The Walt Disney Company and The Coca-Cola Company. She also serves on the boards of Villanova University, the Humane Society of the United States, and Columbia Medical School. In addition, she is a member of the Council of Foreign Relations. Ms. Everson earned a bachelor’s degree in liberal arts and communications from Villanova University and a master’s degree in business administration from Harvard Business School.

Carolyn N. Everson-Ms. Everson has served since January 2023 as a Senior Advisor for Permira, a private equity firm focused on technology and consumer brands. Before joining Permira, she served as President of Instacart; before that, she was Vice President of the Global Business Group, at Meta Platforms, Inc., from March 2011 to June 2021. Before joining Meta, Ms. Everson held Advertising leadership positions at Microsoft & Viacom. In addition, she is a board member of The Walt Disney Company and The Coca-Cola Company. She also serves on the boards of Villanova University, the Humane Society of the United States, and Columbia Medical School. In addition, she is a member of the Council of Foreign Relations. Ms. Everson earned a bachelor’s degree in liberal arts and communications from Villanova University and a master’s degree in business administration from Harvard Business School.

Biography

Mr. Gibbs serves as Chief Executive Officer of Yum! Brands, Inc. (“YUM”), a position he has held since January 2020, and has served as a member of YUM’s Board of Directors since November 2019. Before that, he served as President and Chief Operating Officer from August 2019 to December 2019, as President, Chief Financial Officer and Chief Operating Officer from January 2019 to August 2019 and as President and Chief Financial Officer from May 2016 to December 2018. Before these positions, he served as Chief Executive Officer of Pizza Hut Division from January 2015 to April 2016. From January 2014 to December 2014, Mr. Gibbs served as President of Pizza Hut U.S. Before these positions, Mr. Gibbs served as President and Chief Financial Officer of Yum! Restaurants International, Inc. (“YRI”) from May 2012 through December 2013. Mr. Gibbs served as Chief Financial Officer of YRI from January 2011 to April 2012. He served as Chief Financial Officer of Pizza Hut U.S. from September 2005 to December 2010. From March 2016 to January 2020, Mr. Gibbs served on the Board of Directors of Sally Beauty Holdings, Inc.

David W. Gibbs-Mr. Gibbs serves as Chief Executive Officer of Yum! Brands, Inc. (“YUM”), a position he has held since January 2020, and has served as a member of YUM’s Board of Directors since November 2019. Before that, he served as President and Chief Operating Officer from August 2019 to December 2019, as President, Chief Financial Officer and Chief Operating Officer from January 2019 to August 2019 and as President and Chief Financial Officer from May 2016 to December 2018. Before these positions, he served as Chief Executive Officer of Pizza Hut Division from January 2015 to April 2016. From January 2014 to December 2014, Mr. Gibbs served as President of Pizza Hut U.S. Before these positions, Mr. Gibbs served as President and Chief Financial Officer of Yum! Restaurants International, Inc. (“YRI”) from May 2012 through December 2013. Mr. Gibbs served as Chief Financial Officer of YRI from January 2011 to April 2012. He served as Chief Financial Officer of Pizza Hut U.S. from September 2005 to December 2010. From March 2016 to January 2020, Mr. Gibbs served on the Board of Directors of Sally Beauty Holdings, Inc.

Biography

Ms. Katz served as interim CEO of Intermix, an omni-channel women’s fashion business, from May 2022 through November 2022. Previously, she served as President and CEO of Neiman Marcus Group LTD LLC, one of the world’s leading luxury and fashion retailers, from 2010 to February 2018. Having joined Neiman Marcus in 1985, Ms. Katz served in key executive and leadership roles in the company’s merchant, stores and eCommerce organizations as Executive Vice President—Stores, a member of the Office of the Chairman of Neiman Marcus Group, and President, Neiman Marcus Online, and President and CEO, Neiman Marcus Stores. Ms. Katz serves on the Board of Directors of Humana Inc. and is the chair of its Nominating, Governance & Sustainability and Technology Committees and on the Board of Directors of The RealReal, Inc. and is a member of its Audit Committee. Ms. Katz previously served on the Board of Directors of Casper Sleep from April 2019 to January 2022.

Karen W. Katz-Ms. Katz served as interim CEO of Intermix, an omni-channel women’s fashion business, from May 2022 through November 2022. Previously, she served as President and CEO of Neiman Marcus Group LTD LLC, one of the world’s leading luxury and fashion retailers, from 2010 to February 2018. Having joined Neiman Marcus in 1985, Ms. Katz served in key executive and leadership roles in the company’s merchant, stores and eCommerce organizations as Executive Vice President—Stores, a member of the Office of the Chairman of Neiman Marcus Group, and President, Neiman Marcus Online, and President and CEO, Neiman Marcus Stores. Ms. Katz serves on the Board of Directors of Humana Inc. and is the chair of its Nominating, Governance & Sustainability and Technology Committees and on the Board of Directors of The RealReal, Inc. and is a member of its Audit Committee. Ms. Katz previously served on the Board of Directors of Casper Sleep from April 2019 to January 2022.

Biography

Admiral Olson retired from the United States Navy in 2011 as an Admiral after 38 years of military service. He served in special operations units throughout his career, during which he earned a Master’s Degree in National Security Affairs and was awarded several decorations for leadership and valor including the Defense Distinguished Service Medal and the Silver Star. Admiral Olson’s career culminated as the head of the United States Special Operations Command from July 2007 to August 2011, where he was responsible for the mission readiness of all Army, Navy, Air Force, and Marine Corps special operations forces. In this capacity, he led over 60,000 people and managed an annual budget in excess of ten billion dollars. Admiral Olson served as Chief Executive Officer of HANS Premium Water, a clean water solution for homes, from June 2019 to May 2020. He has served as President and Managing Member of ETO Group, LLC since September 2011, supporting a wide range of private and public sector organizations. Admiral Olson serves on the Board of Directors of Iridium Communications, Inc. and is Chair of its Compensation Committee and on the Board of Directors of Sarcos Technology & Robotics Corp and is a member of its Audit and Compensation Committees. Admiral Olson also serves as Chairman Emeritus of the non-profit Special Operations Warrior Foundation.

Eric T. Olson-Admiral Olson retired from the United States Navy in 2011 as an Admiral after 38 years of military service. He served in special operations units throughout his career, during which he earned a Master’s Degree in National Security Affairs and was awarded several decorations for leadership and valor including the Defense Distinguished Service Medal and the Silver Star. Admiral Olson’s career culminated as the head of the United States Special Operations Command from July 2007 to August 2011, where he was responsible for the mission readiness of all Army, Navy, Air Force, and Marine Corps special operations forces. In this capacity, he led over 60,000 people and managed an annual budget in excess of ten billion dollars. Admiral Olson served as Chief Executive Officer of HANS Premium Water, a clean water solution for homes, from June 2019 to May 2020. He has served as President and Managing Member of ETO Group, LLC since September 2011, supporting a wide range of private and public sector organizations. Admiral Olson serves on the Board of Directors of Iridium Communications, Inc. and is Chair of its Compensation Committee and on the Board of Directors of Sarcos Technology & Robotics Corp and is a member of its Audit and Compensation Committees. Admiral Olson also serves as Chairman Emeritus of the non-profit Special Operations Warrior Foundation.

Biography

Mr. Whitesell has served since October 2017 as Executive Chairman of Endeavor Group Holdings, a global sports and entertainment company composed of industry-leading entities including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. He also serves on Endeavor’s Board of Directors. Previously, Mr. Whitesell served as Endeavor’s Co-Chief Executive Officer, following his role as Co-Chief Executive Officer of WME. Mr. Whitesell also serves on the Board of Directors of Learfield and is a graduate of Luther College.

Patrick W. Whitesell-Mr. Whitesell has served since October 2017 as Executive Chairman of Endeavor Group Holdings, a global sports and entertainment company composed of industry-leading entities including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. He also serves on Endeavor’s Board of Directors. Previously, Mr. Whitesell served as Endeavor’s Co-Chief Executive Officer, following his role as Co-Chief Executive Officer of WME. Mr. Whitesell also serves on the Board of Directors of Learfield and is a graduate of Luther College.

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BALTIMORE, Sept. 27, 2022 – Under Armour, Inc. (NYSE: UA, UAA) today announced the release of its 2021 Sustainability & Impact Report, outlining a new sustainability framework, goals, and targets that will guide the company’s work to reduce the environmental footprint associated with its products and operations while accelerating its social and community impact. Aligned with Global Reporting Initiative (GRI) and Sustainable Accounting Standard Board (SASB) industry standards, the report outlines 23 goals and targets designed to drive company progress across three key pillars – Products, Home Field, and Team – and underscore Under Armour’s core values, including ‘Act Sustainably’ and ‘Stand for Equality.’ “As a global innovator and leader in athletic performance apparel, footwear, and accessories, we believe Under Armour has an important role to play in addressing impending challenges facing our society, industry, and planet. This belief informs our innovation methods and compels us to rethink, reinvent, and reimagine our products and how we make them in our work to support athletes and protect people and our shared planet,” said Colin Browne, Under Armour Interim President and CEO. “Mindful that lasting change will require global cooperation across communities and industries, our new report conveys our renewed commitments to continuous improvement, industrywide collaboration, and transparent communication with our stakeholders in our ongoing sustainability journey.” Under Armour’s sustainability approach, What’s Under Matters, reflects the company’s mission to make athletes better by focusing on performance-driven innovations that utilize more sustainable materials designed for recyclability and more efficient production processes in its delivery of durable, quality, high-performing products athletes know and trust. “The details underlying a company’s sustainability strategy are foundational to its longevity and ability to generate lasting impact. For this reason, Under Armour has worked diligently over the years to finalize our approach and take concerted action before releasing this report,” said Michael Levine, Under Armour VP and Chief Sustainability Officer. “We’re pleased to share our accomplishments and perspective on our future goals, and we look forward to providing updates on our progress.” A selection of report highlights within each pillar follows: Products – Through 10 goals, the company is embracing material innovations that will enable less waste and more durability, setting the stage for circular systems by 2030, including: Prioritizing recycled and renewable materials and reducing single-use plastic brand product packaging by 75% by 2025. Implementing sustainability and circular design principles in at least half of its products by 2027 and developing chemistry and processes that can enable a circular footwear program to be launched in market, at scale, by 2030. At the end of 2021, approximately 40% of fabrics used in the company’s apparel and accessories were made from materials capable of being recycled. Supporting innovation that reduces fiber shedding from textiles and targeting 75% of fabric to be made of low-shed materials, as defined by industry-leading guidance on fabric shedding that the company will work collectively to shape by 2030. Home Field – The company is working to reduce its overall environmental footprint and do its part to protect the planet through seven goals, including: Eliminating 100% of biocides and fluorine DWR in its products by 2025. Reducing absolute scope 1, 2, and 3 greenhouse gas emissions by 30% and increasing renewable energy in owned and operated facilities to 100% by 2030. Advancing low-impact manufacturing, reducing the environmental impact of its materials, and targeting net-zero emissions by 2050. Team – The company is supporting its people and communities through six goals that build upon longstanding efforts, including: Continuing to invest in teammates' health, safety, and well-being – including through initiatives to advance diversity, equity, and inclusion and develop underrepresented talent at all levels. Protecting workers' human rights and well-being in its supply chain through comprehensive programs and audits. Working to create opportunities for millions of youth to engage in sports by 2030. To download the 2021 Sustainability & Impact Report and for further information on Under Armour’s sustainability program, visit this link. About Under Armour 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, estimates, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our goals, targets, commitments, future planned initiatives and the timing and effectiveness of any of the foregoing, including those relating to the environment, human capital matters, social and labor issues, and community impact; the development and introduction of new products, technologies and ways of working; our assumptions and the implementation of our sustainability strategies; the future impacts of our investments and initiatives; and the standards and expectations of third parties. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential,” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and 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 that the expectations reflected in the forward-looking statements are reasonable, 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. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including our assumptions not being realized, scientific or technological developments, evolving sustainability strategies, evolving government regulations, and the risks and uncertainties set forth in the “Risk Factors” section of our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release 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 statement's date or to reflect unanticipated events.

Under Armour, Inc. (“the company”) (NYSE: UA, UAA), today announced that Patrik Frisk will step down as President and Chief Executive Officer (CEO) and as a member of the Board of Directors (board), effective June 1, 2022. The board has initiated a comprehensive internal and external search process to identify a permanent President and CEO. Until a successor is named, the board has appointed Colin Browne, the company’s Chief Operating Officer (COO), as interim President and CEO, effective June 1, 2022. To support the transition, Frisk will remain with Under Armour as an advisor through September 1, 2022. “On behalf of the board, I want to thank Patrik for his valuable contributions to Under Armour over the past five years,” said Kevin Plank, Under Armour Founder, Executive Chairman and Brand Chief. “During his tenure, we made significant strides in advancing enterprise-wide operational excellence, and Patrik’s steadfast leadership has been crucial to strengthening our foundation and positioning the company for our next growth phase. As we search for Patrik’s permanent successor, Colin’s experience as a seasoned executive in our industry and leading critical operational aspects of our business will serve Under Armour well as interim CEO.” Plank continued, “Under Armour is evolving to meet the needs of our athletes worldwide. As we transition, we are committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates. There is a huge opportunity in front of us. I look forward to working closely with the board during the search process to find our next leader who will take us to new heights. In the meantime, we are moving forward and will continue to connect with athletes in exciting ways, offering them exactly what they need when they need it.” Frisk, who joined Under Armour in 2017, helped architect its long-term strategic plan that underscored its commitment to athletic performance by reengineering its structure, systems, and go-to-market process. Under his leadership, the company delivered industry-leading products, deepened relationships with consumers and customers, and advanced its purpose, vision, mission, and values. “It has been the greatest privilege of my career to serve Under Armour athletes, customers, shareholders, and teammates. I am extremely proud of what we’ve accomplished as a team,” said Frisk. “Together, we have done a tremendous amount of work to strengthen this iconic brand while significantly solidifying its operations. Colin has an intimate understanding of the Under Armour business and our industry. I have every confidence that his stewardship will allow for a seamless transition.” Browne said, “What unifies and drives Under Armour is our purpose: to empower those who strive for more. This transition is an opportunity to further our long-term goals. I am grateful for Patrik’s leadership and partnership. As we work to deliver industry-leading innovation and premium experiences to athletes globally, we remain focused on amplifying the strong foundation that’s been set over the past few years.” Since joining the company in 2016, Browne modernized Under Armour’s digital go-to-market strategy and direct-to-consumer model and transformed its supply chain organization, leading to significant margin improvement and operating efficiency. Browne has held the role of COO since 2020 and oversees supply chain, global planning, sustainability, information technology, enterprise data management, commercial optimization, go-to-market strategy, and distribution capabilities. Browne has been an integral part of the company's successful transformation, and his leadership has been critical to navigating global supply challenges caused by the pandemic. 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 future financial condition or results of operations, our prospects, and strategies for future growth, the impact of the COVID-19 pandemic on our business and results of operations, the development and introduction of new products, and the implementation of our marketing and branding strategies. In many cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “outlook,” “potential” or the negative of these terms or other comparable terminology. The forward-looking statements contained in this press release reflect our current views about future events and 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 that the expectations reflected in the forward-looking statements are reasonable, 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. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to: the impact of the COVID-19 pandemic on our industry and our business, financial condition and results of operations, including recent impacts on the global supply chain; failure of our suppliers or manufacturers to produce or deliver our products in a timely or cost-effective manner; labor or other disruptions at ports or our suppliers or manufacturers; changes in general economic or market conditions that could affect overall consumer spending or our industry; increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly; fluctuations in the costs of raw materials and commodities we use in our products and our supply chain; changes to the financial health of our customers; our ability to successfully execute our long-term strategies; our ability to effectively drive operational efficiency in our business and successfully execute any restructuring plans and realize their expected benefits; our ability to effectively develop and launch new, innovative and updated products; our ability to accurately forecast consumer shopping and engagement preferences and consumer demand for our products and manage our inventory in response to changing demands; loss of key customers, suppliers or manufacturers; our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries; our ability to manage the increasingly complex operations of our global business; the impact of global events beyond our control, including military conflict; our ability to successfully manage or realize expected results from significant transactions and investments; our ability to effectively market and maintain a positive brand image; our ability to effectively meet the expectations of our stakeholders with respect to environmental, social and governance practices; 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 attract key talent and retain the services of our senior management and other key employees; 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, and the potential impact of new trade, tariff and tax regulations on our profitability; risks related to data security or privacy breaches; and our potential exposure to litigation and other proceedings. The forward-looking statements contained in this press release 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 statement’s date or to reflect unanticipated events. Under Armour Contacts: Lance Allega, SVP, Investor Relations & Corporate Development, (410) 246-6810 Blake Simpson, SVP, Global Communications, Community Impact & Events, (443) 630-9959

Trust builds great athletes, and trust runs deep at Under Armour. From trusting yourself to go the extra mile to trusting your teammates to step in when you need support, trust unites us and helps us Strive for More. Newsweek has recognized Under Armour in their inaugural Most Trustworthy Companies 2022 list. In partnership with Statista, a German company specializing in marketing and consumer data, Newsweek ranked Under Armour #2 out of 16 total companies for the Textile, Clothing, & Luxury Goods category. “Each and every teammate at Under Armour plays a role in bringing our purpose to life,” said Under Armour CEO Patrik Frisk. “Being recognized as one of America’s Most Trustworthy Companies speaks volumes to the passion and integrity our teammates bring forward in everything they do in both their professional and personal lives.” With help from a survey of 50,000 U.S. residents, companies were evaluated across different elements related to customer, investor, and employee trust. Survey respondents answered questions about how companies engaged customers and treated their employees. Publicly traded U.S. corporations with $500 million or more in annual revenues made the list. Newsweek reviewed companies aligning to 22 industries, ranging from Banks, Energy & Utilities, Health Care & Life Sciences, and more. Insights from the 2022 Edelman Trust Barometer showed how employee trust is the number one driver of trust. More specifically, many employees expect their employer to engage on societal issues and provide quality information. Under Armour’s ongoing and tangible actions to address issues like economic equality and community policing relationships are felt across the business. As Under Armour continues to put its purpose at the forefront of all activities, the business will continue to make decisions grounded in doing what is right for their consumers instead of solely responding to the market and reacting to competitors. Under Armour is committed to empowering those who strive for more, and the company’s values – Act Sustainably, Celebrate the Wins, Stand for Equality, Love Athletes and Fight on Together – serve as both a checklist for each of our programs and the qualities expected of every teammate.

This Veterans Day is the first in two decades that the United States is not at war, but the essential mission of supporting veterans and families of fallen heroes carries on in communities across the country. Under Armour embraces this mission with its continued support of the Travis Manion Foundation, which strives to create thriving communities built on the bedrock of personal character and purpose-driven individuals. Powered by Under Armour Freedom, the Travis Manion Foundation’s Character Does Matter program has connected more than 2,000 veteran mentors with more than 400,000 kids across all 50 states over the past two years. Veteran mentors receive training, support, and materials from the Travis Manion Foundation to bring a research-based character curriculum to schools, youth groups, and sports teams at no cost. “With continued investment and growth, Character Does Matter will become the premier character-development program available to schools and youth throughout the country within the next few years,” says Ryan Manion, president of the Travis Manion Foundation and the older sister of Travis, a Marine who died in combat in 2007. To support the Travis Manion Foundation, Dwayne Johnson and Under Armour have released Project Rock’s For the Heroes collection, an annual brand initiative that honors veterans’ service and sacrifices. The collection, which includes new pieces for men, women, and youth, is available at UA.com, Under Armour Brand Houses, and select global retailers. “It’s really amazing to recognize those who are continuing to serve even outside of uniform. These heroes walk among us every single day and they inspire us to follow in their footsteps with the same sense of service, character and leadership,” Johnson says. “The work TMF does with veterans and families of the fallen, providing them with personal development training and experiences, repurposing their leadership to continue serving in their local community—especially to mentor and serve the next generation—is so critically important.”

Being raised by a single mother, my football coaches became the father figures that I didn’t have. Many of them served as role models that I still admire to this day. As I continued to move up the ranks, I knew that I would have the opportunity to have that same impact on my players. It wasn’t until recently I realized that I could have a similar influence on young coaches that looked like me just trying to forge their paths in this great game of football. I owe a lot of the opportunities football has given me to my high school football coach, Frank Young. He was one of the first people to make me and my teammates realize that college was a real and viable option for us. He found us a way out — and where I grew up, very few people ever left that neighborhood. Because of the game, I'm the first in my family to graduate from college. Football introduced me to my wife. It’s allowed me to have a family. Throughout my career, I've taken a little bit of life’s lessons from every coach that I worked with and every athlete I have had the privilege to coach. They all guided me in my success. The pandemic forced us all to stop. There were no games to prepare for — only life. It gave us all what I consider a much-needed time to reflect and think. The idea of The National Coalition for Minority Football Coaches came to mind in a phone call with Coach Mike Tomlin last year. We started talking about the head positions we have and how we got here. Recognizing that we’re both on the back nine of our coaching careers, it is hard to think that things aren’t looking any easier for minority coaches. So, I thought - how can we give back? How can we pay it forward? Thus, the Coalition was born. Our goal is to prepare, promote, and produce a complete coach. Imagine an almost Renaissance man, someone who meets all the needs of a football coach, both on the field and off. I'm a big believer that if you can see it, then you can achieve it. That vision now gives the next generation the ability to realize that they’re capable of doing it too. My idealistic view is that the world should become more like the locker room. Think about it — every racial, socioeconomic barrier is broken in the locker room. In there, we’re all playing on one team. In partnership with Under Armour, we can push this narrative onto the playing field. Under Armour is a champion for our cause, and that means the world to me. Our future success as a Coalition is critical. This is something that we don't take for granted. We must keep this door open for minority coaches. I want every qualified candidate to get the opportunities that I have had and then some – to be given the guidance that I was given. I know that we need to do this the right way and create a strong foundation for minority coaches to build upon for years to come and I thank Under Armour for standing behind us as we pave the way forward. The better we do today, the more doors we open in the future.

Under Armour, Inc. (NYSE: UA, UAA) today announced the appointment of Massimo Baratto to Executive Vice President, Chief Consumer Officer. Since joining Under Armour in 2018, Baratto has served as Managing Director of the company’s Europe, Middle East and Africa (EMEA) region. Effective Nov. 1, this newly created role will oversee all aspects of Under Armour’s consumer strategy, delivering a seamless, consistent brand experience with responsibility for global marketing, eCommerce and retail. “Today’s announcement underscores our commitment to delivering an ecosystem capable of deepening our connection with focused performers, inspiring them wherever and whenever they choose to engage our brand,” said Under Armour President and Chief Executive Officer Patrik Frisk. “Massimo’s global leadership skills, digital expertise, and significant experience building brands through understanding consumer behavior will be a great enabler in strengthening our ability to innovate and enhance our position as one of the world’s preeminent athletic performance brands.” Before Under Armour, Baratto served as Chief Executive Officer for Oberalp Group. In his 18-year career at Oberalp, he was credited with significant growth of the Salewa, Dynafit, Wild Country, and Pomoca brands helping the company become one of the most distinguished international house of brands in the mountain sports industry. In conjunction with this announcement, Kara Trent, a 7-year Under Armour veteran, will succeed Massimo as the company’s Senior Vice President/General Manager of EMEA. Trent has served in multiple roles in the company’s North American business and most recently has led the merchandising and planning functions for the EMEA region. Before Under Armour, she served in various merchandising, planning, and buying roles at PUMA and Reebok. Additionally, the company announced that Alessandro de Pestel, who has served as Under Armour’s Chief Marketing Officer since 2018, plans to leave in Feb. 2022 to pursue other opportunities. Frisk added, “We appreciate the disciplined approach and consistency that Alessandro has contributed during our transformational journey. By helping us build a holistic strategy around consumer-centricity and significantly elevating our reach to focused performers, Under Armour’s global brand consideration is increasing.” 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.

The Baltimore Ravens and Under Armour have partnered to provide grant funding to member schools of the Maryland Public Secondary Schools Athletics Association (MPSSAA) for the development of high school girls’ flag football programs. The Ravens are committing $250K over five years to support the initiative, with a target launch for the programs in the fall of 2022. This grant accompanies the MPSSAA’s commitment to developing new and innovative athletic opportunities that benefit the physical, social and emotional well-being of female student-athletes. Under Armour – a leading inventor, marketer and distributor of branded athletic performance apparel, footwear and accessories – will outfit custom uniforms for each high school team. The MPSSAA, which annually administers programs for over 111,000 participants from 199 public schools in the 24 local Maryland educational agencies, will institute the league’s rules and facilitate all field setup, uniform guidelines, game official framework and other areas of operation. Through this grant program, female high school students in Maryland will receive new opportunities to participate and enjoy a fast-paced, fun sport that has experienced steady growth throughout the country in recent years. Highlighted by a partnership between the NFL and the National Association of Intercollegiate Athletics, flag football has proven to be an emerging offering for girls. “We are proud to partner with Under Armour on this groundbreaking initiative,” Ravens senior vice president of marketing Brad Downs stated. “Football is the ultimate team sport, and we believe young female student-athletes deserve an opportunity to experience the incredible life lessons it teaches. We’re excited to help establish a program that will create a new varsity sport for high school girls who are eager to play the game of football.” “At Under Armour, we believe everyone should have the opportunity and ability to play sports at every level, particularly young girls whose confidence can be impacted by lack of access to sport,” said Sean Eggert, senior vice president of global sports marketing at Under Armour. “We are proud to support the Baltimore Ravens and MPSSAA to bring flag football to girls across Maryland.” GRANT APPLICATIONS Schools interested in starting a girls’ flag football team can apply for grants to fund their respective programs. Each local school system will be able to apply for a grant through the MPSSAA. All teams participating in the high school girls flag football league will be included in Ravens RISE events and experiences.

Troy Grimes, an Under Armour retail teammate from the Charlotte, NC Factory House is set to run 58 miles to celebrate his 58th birthday in the Hot Rod Ultra Marathon in Bowling Green, KY on September 25. His goal is to raise $5,800 for Under Armour community partner, Every Kid Sports. Grimes has been an avid runner for the past 19 years. He initially began running to lose weight and often celebrates key milestones in his life with runs, including running 70 miles to celebrate his 70-pound weight loss several years ago. He is also a baseball fan, former player and umpire in his spare time. To combine his two passions – running and baseball – Troy decided to run the Hot Rod Ultra Marathon which takes place on the Hot Rod Minor League baseball field. Troy will be running 177 laps to complete his 58 miles. While working at the Under Armour Factory House in Charlotte, Troy learned about Under Armour’s partnership with Every Kid Sports, a 501.c.3 non-profit that aims to help kids from income-restricted families experience the positive benefits of playing sports by helping the family cover a portion of their registration fees. Through their signature program, the Every Kid Sports Pass, the organization covers up to $150 of recreational youth sports registration fees up to four times a year, per child aged 4-18. The funding is available to families who qualify for SNAP, WIC, or Medicaid. Customers at Under Armour retail locations in the United States are able to donate to Every Kid Sports at checkout, which has been available since July 2021. To date, Under Armour customers have raised more than $200,000 for Every Kid Sports through donations at checkout. “I am so excited that I am able to combine my love of baseball and running with the Hot Rod Ultra Marathon,” said Troy Grimes, Under Armour Teammate. “As a father and fan of sports, I have first-hand experience seeing the positive impact that youth sports can have on young kids, which is why I am honored to be raising money for Every Kids Sports.”

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