Under Armour, Inc.

Issuer

Under Armour, Inc.

Principal executive office address

101 PERFORMANCE DRIVE, BALTIMORE, MARYLAND, 21230.

Citizenship

(i) Frasers Group plc: England (ii) MASH Beta Limited: England (iii) MASH Holdings Limited: England (iv) MASH Holdings Topco Limited: England (v) Michael Ashley: United Kingdom

Filing person

This Schedule 13G is filed jointly by the following persons (collectively, the "Reporting Persons"): (i) Frasers Group plc (ii) MASH Beta Limited (iii) MASH Holdings Limited (iv) MASH Holdings Topco Limited (v) Michael Ashley The Reporting Persons have agreed to file this Schedule 13G jointly in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, amended. The Joint Filing Agreement of the Reporting Persons is attached hereto as Exhibit A.

Principal business or residence address

(i) Frasers Group plc, Unit A, Brook Park East, Shirebrook, NG20 8RY (ii) MASH Beta Limited, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF (iii) MASH Holdings Limited, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF (iv) MASH Holdings Topco Limited, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF (v) Michael Ashley, Grenville Court, Britwell Road, Burnham, Buckinghamshire, SL1 8DF

Not applicable indication

Y

Percent of class

The percentage of Class A Shares that are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. Specifically, such amount is approximately 8.78% of the outstanding shares of Class A Common Stock, based on 188,839,506 shares of Class A Common Stock outstanding as reported in the Issuer?s Annual Report on Form 10-K for the fiscal year ended March 31, 2026, filed with the Securities and Exchange Commission.

Amount beneficially owned

As of the date of this filing, Frasers Group plc directly holds 16,576,500 shares of Class A Common Stock of Under Armour, Inc. (?Class A Shares?). The Class A Shares are beneficially owned by each of the Reporting Persons are set forth in rows 9 and 11 of the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference. Neither the filing of this Schedule 13G nor the information contained herein shall be deemed to constitute an affirmation by any of the Reporting Persons that such person is the beneficial owner of the Class A Shares referred to herein for purposes of Section 13(d) or 13(g) of the Exchange Act, or for any other purpose, and such beneficial ownership is expressly disclaimed.

Sole voting power

The number of Class A Shares as to which each of the Reporting Persons has sole voting power is set forth in row 5 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.

Shared voting power

The number of Class A Shares as to which each of the Reporting Persons has shared voting power is set forth in row 6 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.

Sole dispositive power

The number of Class A Shares as to which each of the Reporting Persons has sole dispositive power is set forth in row 7 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.

Shared dispositive power

The number of Class A Shares as to which each of the Reporting Persons has shared dispositive power is set forth in row 8 on the second part of the cover page to this Schedule 13G, and such information is incorporated herein by reference.

Not applicable indication

Y

Ownership of 5% or less

N

Not applicable indication

N

Ownership on behalf of another person

The shares of Class A Common Stock of the Issuer reported in this Schedule 13G are beneficially owned directly by Frasers Group plc. MASH Beta Limited is deemed to beneficially own the shares of Class A Common Stock reported herein by virtue of its 68.20% ownership interest in Frasers Group plc, which constitutes a controlling interest. MASH Holdings Limited is deemed to beneficially own the shares of Class A Common Stock reported herein by virtue of its control of MASH Beta Limited. MASH Holdings Limited holds 74% of the issued share capital of MASH Beta Limited directly, and an additional 26% of the issued share capital of MASH Beta Limited indirectly through MASH Alpha Limited, a wholly owned subsidiary of MASH Holdings Limited. Accordingly, MASH Holdings Limited controls 100% of MASH Beta Limited. MASH Holdings Topco Limited is deemed to beneficially own the shares of Class A Common Stock reported herein by virtue of its 100% ownership of MASH Holdings Limited. Michael Ashley is deemed to beneficially own the shares of Class A Common Stock reported herein by virtue of his 100% ownership of MASH Holdings Topco Limited. The filing of this Schedule 13G shall not be construed as an admission that any of MASH Beta Limited, MASH Holdings Limited, MASH Holdings Topco Limited, or Mike Michael Ashley is the beneficial owner of the shares of Class A Common Stock reported herein, except to the extent of their respective pecuniary interest therein.

Not applicable indication

N

Subsidiaries

Frasers Group plc, a public limited company incorporated in England, is the subsidiary that directly acquired and holds the shares of Class A Common Stock of the Issuer reported herein.

Not applicable indication

N

Group members

See Exhibit B, Identity of Group Members.

Not applicable indication

Y

Not applicable indication

N

Certifications

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

Power of Attorney, Joint Filing Agreement, and Identity of Group Members are attached and incorporated by reference.