<SEC-DOCUMENT>0000947871-25-001098.txt : 20251229
<SEC-HEADER>0000947871-25-001098.hdr.sgml : 20251229
<ACCEPTANCE-DATETIME>20251229213341
ACCESSION NUMBER:		0000947871-25-001098
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251222
FILED AS OF DATE:		20251229
DATE AS OF CHANGE:		20251229

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
		CENTRAL INDEX KEY:			0000915191
		STANDARD INDUSTRIAL CLASSIFICATION:	FIRE, MARINE & CASUALTY INSURANCE [6331]
		ORGANIZATION NAME:           	02 Finance
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33202
		FILM NUMBER:		251610934

	BUSINESS ADDRESS:	
		STREET 1:		FAIRFAX FINANCIAL HOLDINGS LTD
		STREET 2:		95 WELLINGTON ST WEST STE 800
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2N7
		BUSINESS PHONE:		4163674941

	MAIL ADDRESS:	
		STREET 1:		FAIRFAX FINANCIAL HOLDINGS LTD
		STREET 2:		95 WELLINGTON ST WEST STE 800
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 2N7

	FORMER NAME:	
		FORMER CONFORMED NAME:	FAIRFAX FINANCIAL HOLDINGS LTD
		DATE OF NAME CHANGE:	19931122

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WATSA V PREM ET AL
		CENTRAL INDEX KEY:			0000938869
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33202
		FILM NUMBER:		251610935

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		95 WELLINGTON STREET WEST
		STREET 2:		SUITE 800
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2N7

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Under Armour, Inc.
		CENTRAL INDEX KEY:			0001336917
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				521990078
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0331

	BUSINESS ADDRESS:	
		STREET 1:		101 PERFORMANCE DRIVE
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21230
		BUSINESS PHONE:		410-454-6758

	MAIL ADDRESS:	
		STREET 1:		101 PERFORMANCE DRIVE
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21230
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>ownership.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-12-22</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001336917</issuerCik>
        <issuerName>Under Armour, Inc.</issuerName>
        <issuerTradingSymbol>UA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000938869</rptOwnerCik>
            <rptOwnerName>WATSA V PREM ET AL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>95 WELLINGTON STREET WEST, SUITE 800</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>TORONTO</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>A6 M5J 2N7</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000915191</rptOwnerCik>
            <rptOwnerName>FAIRFAX FINANCIAL HOLDINGS LTD/ CAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>95 WELLINGTON STREET WEST, SUITE 800</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>TORONTO</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>A6 M5J 2N7</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>19307536</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class C Common Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3244309</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are held by wholly-owned subsidiaries of Fairfax Financial Holdings Limited. Mr. Watsa is the Chief Executive Officer and controlling person of Fairfax Financial Holdings Limited through certain holding companies he controls, including The Second 810 Holdco Ltd, The Second 1109 Holdco Ltd, The Sixty Two Investment Company Limited and 12002574 Canada Inc. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Exchange Act, except to the extent of its or his pecuniary interest therein, if any. This report shall not be deemed an admission that any of the Reporting Persons is a beneficial owner for the purpose of Section 16 of the Exchange Act, or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ V. Prem Watsa</signatureName>
        <signatureDate>2025-12-29</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Peter Clarke, President and Chief Operating Officer, on behalf of Fairfax Financial Holdings Limited</signatureName>
        <signatureDate>2025-12-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
