Under Armour, Inc.

Good day and welcome to the Under Armour Third Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touchtone phone. To withdraw the question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Lance Olega, Senior Vice President of Finance and Capital Markets. Please go ahead.

Good morning and welcome to Under Armour's Fiscal 2026, a third quarter earnings call. Today's call is being recorded and a replay will be available at our investor website shortly after it ends. Joining us this morning are Kevin Plank, Under Armour's President and CEO, and Dave Bergman, our CFO. Before we begin, please note that certain statements made on today's call are forward-looking, as defined under federal securities laws. These statements reflect management's current expectations as of February 6, 2026, and are subject to risks and uncertainties that could cause actual results to differ materially. For a detailed discussion of these factors, please refer to this morning's press release, our filings with the SEC, including our most recently filed Form 10-K and Form 10-Q, and other public disclosures. In today's call, we may reference non-GAAP financial measures, We believe these metrics offer additional insights into the underlying trends of our business when considered along our GAAP results. Reconciliations of these measures to their most comparable GAAP metrics are included in today's press release and can be found on our investor website at about.underarmor.com. With that, thank you for being here and for your interest in Under Armour, and I'll now turn the call over to Kevin.

Thanks, Lance, and good morning to everyone taking the time to join us today. Under Armour is a global performance brand with opportunity and relevance that is both present today and capable to significantly scale as we find our operating rhythm. Entering the next phase of our turnaround, the focus is on execution. We're not declaring all the work finished yet, but are making real progress with a disciplined strategy, structure, and team now in place. That progress is becoming more consistent. For too long, the organization carried unnecessary complexity, too many handoffs, too many approvals, too much focus on one's individual job versus a broader brand objective we're trying to solve for. Having athletes fall in love and know why they need Under Armour. Since coming back to the CEO chair nearly two years ago, we have narrowed our focus, moved decisions earlier, and reduced friction across the system. That work has simplified the operating system. Inventory is down year over year. Assortments are tighter. Planning is more precise, and we have additional opportunity to continue to improve. Structure of the company has been addressed and is enhancing our speed to market, skew productivity, athlete insight, and especially accountability for all the above. In the third quarter, although we had a few non-recurring impacts in our gap results that are frustrating, our adjusted results came in ahead of expectations across most line items. We modestly raised our full year adjusted operating income outlook. This is a good proof point that our underlying business is becoming steadier and we're seeing fewer surprises and greater predictability, which is where we believe we should be at this stage of our turnaround. Looking at our journey, fiscal 25 is about assessing our greatest needs to address our operating infrastructure and stand up the expertise necessary for our reset. With the few additions from outside, but primarily, from within the organization for Under Armour by Under Armour. Years of consulting and rented input took us on a path that was not the unique brand position and engine that allowed UA to cut through in the first place. Fiscal 26 was about implementing that structure, including the foundation, the category managed operating model, a renewed go to market, and a clearly articulated strategic business plan. We're now building on that infrastructure by changing nothing running that same play again in fiscal 27 and beyond, becoming sharper as the kinks work through, which we are still feeling some of, but moving forward. What is new has been layering in the how, how we are running the business, the operating principles that will manifest the thematic of selling so much more of so much less at a much higher full retail price. I spent the month of January presenting these holistic principles called Unleashing Intentionality in dozens of individual and group settings to teammates and partners, taking this message directly to key stakeholders, ensuring our entire offense and defense know exactly who we are, what we are building, and how we plan to execute to achieve our mid- and long-term ambitious goals. To support this next phase, we recently made targeted leadership changes to accelerate speed, Kara Trent is now Chief Merchandising Officer, with end-to-end responsibility for product mix, pricing, and margin performance. Adam Peek has been named President of the Americas. Eric Litke is now Chief Marketing Officer and EVP of Strategy. And Yassine Saidi has transitioned to an external Senior Advisor role to ensure design continuity. These changes reflect exactly where we are in the transformation, moving with tighter alignment and a more decisive operating cadence. This work is not done on a spreadsheet, but by bringing our teams together, removing slow process barriers, and facilitating conversations to create a much more intentional line of products across apparel, footwear, and accessories. Products that we can be famous for while highlighting the areas we already are, like UA heat and cold gear. Recent org changes now have all product teams in one conversation, including physically, in one room, sharing information to remove redundancy and increased speed. In addition to the 25% of SKUs we began eliminating in fiscal 25 that is now complete, we have additional opportunity to be even more efficient, not only with SKUs and styles, but the raw materials that support the products we make. More to come on this in the future calls, but the new structure is actively digging into this work, and the early reads are incredibly positive. Looking ahead, key indicators are moving in the right direction. Brand health in the US continues to improve. Awareness, consideration, and engagement are trending higher, particularly among younger athletes. Digital engagement remains strong. And when products, storytelling, and distribution align, we see a positive consumer response. So let's talk about product, because product is everything. And at Under Armour, we say that product is our currency. It always has been, and the engine that will ultimately drive this turnaround. This is also the hardest part of the transformation. There was no switch to flip. We are rebuilding capability, discipline, and credibility inside the organization and in the market. That work takes time. And importantly, we're now seeing real evidence that it is working. Across apparel and accessories, the proof points are starting to stack up. Base layer remains a steady engine for the business with heat and cold gear standing out. New styles, a refreshed design language, and modern colorways are driving higher ASPs and strong double-digit growth in these products. That matters because it's an early signal that intentional product thought leadership can help us rebuild pricing power. We're seeing similar momentum elsewhere. Icon Fleece is performing well, and our Women's Meridian franchise continues to gain traction as new silhouettes and colors attract a broader, more engaged consumer base. These products reflect a stronger point of view. and improved execution across categories. Spring-Summer 26 is another meaningful step forward. You will see more elevated products entering the market with a more consistent, cohesive design language. We're introducing an improved Women's Vanish Elite Collection alongside continued evolutions across Icon, Sportswear, and Footwear. In accessories, our Stealth Form Hat and No Way Backpack continue to push the price ceiling. supported by premium performance attributes in a clean, focused product story. When design intent is strong and segmentation is disciplined, consumers respond. Sell-through for newer franchises is improving year over year. Full price realization is trending higher, even from a lower base. Wholesale partners are engaging more positively with upcoming assortments and buying. A shift into footwear. which has been on a long, challenging recovery path. I want to be very direct about it. Year-to-date sales are down about 14%, reflecting structural issues we are actively unwinding. For multiple seasons, we tried to grow by expanding the assortment, more styles, more price points, more incremental updates, without consistent demand or the scale to support it. That diluted volume pressured margins and increased inventory risk. We are addressing each of these. We're exiting low productivity styles, reducing redundant SKUs and eliminating launches that lack a defined role. A strong margin profile or scalable growth opportunity. With the primary criteria being every product must have a reason to be built by Under Armour. It must have a story. In parallel, we're tightening our price tier architecture and concentrating investment behind fewer, higher impact franchises that can win consistently. This disciplined approach sharpens our focus areas across training, running, and sportswear, while building momentum in team sports where we are increasingly confident in both our product and our growth trajectory, all of which should drive improved returns over time. We're already seeing proof points. In run, the Velocity Elite 3 delivers strong sell-through at launch and run specialty, and sharper segmentation across the franchise is driving healthier performance at more accessible price points with Velocity Distance and Pro 2. The Assert 11, which launched in November, we talked about on the last call, continues to perform really well and is delivering a meaningfully higher ASP versus the Assert 10, as we predicted. And as we outlined last quarter, we positioned this Velocity Run-inspired redesign in a Charge Plus midsole as an outstanding $75 accessible price point offering. Throw in Los Angeles Dodgers back-to-back World Series champion Freddie Freeman as a product ambassador, We're starting to drive increased demand in a millions of annual units program. This reflects our strategy in action, simplifying the line, strengthening franchises, and reinforcing Under Armour's running credibility. In sportswear, just this week we launched the HB Low, a $100 basketball-inspired silhouette built for all-day comfort, pairing a premium leather upper with a cushioned court-to-street ride and a bold expression of the UA logo. The price to value of this shoe is off the charts and believe that it can be a gateway product for Under Armour to take share in court shoes and sportswear. Coming off our fall launch, the $120 Sola model continues to build momentum. Additionally, we introduced the Arc 96 at $125, a modernized run-inspired silhouette that blends premium materials with elevated cushioning and distinctive design language. With social response and sell-through as key indicators, We're very encouraged by the evolution of these sportswear styles, all excellent examples of what's to come. While the reset of our footwear business is still underway, the actions we're taking combined with strong early signals for our innovation and design-led product give us growing confidence that we can stabilize the footwear category next year and rebuild momentum with consumers and wholesale partners. Overall, our products are becoming stronger assets, not just something we sell, but a primary driver of demand and value creation. We're building more intentional product segmentation across innovation levels, price points, and usage models. Every product is gaining a defined consumer role and will have a distinct identity. Over time, this approach will deepen consumer understanding of the brand and support more consistent pricing discipline as a way to improve demand and margin contribution. Our storytelling is also getting sharper. We're moving up with greater purpose, connecting the right products to real sports moments, meeting athletes where they are, and driving higher engagement per dollar. Social is leading that effort, particularly on TikTok. Our influencer strategy continues to expand reach and reinforce credibility. While activations like We Are Football and Run Club events with recording artist Gunna are evolving into community-led platforms that generate authentic energy and momentum for the brand. team sports remain a core driver of momentum and brand authority. In American football, we continue to deepen our presence through authentic on-field storytelling and partnerships, including the launch of the first overtime national high school championship at our UA stadium here in Baltimore, and expanded collegiate relationships with Georgia Tech, the first Under Armour school to wear Under Armour in 1996, and the University of Wisconsin, a longstanding partner. This week, we launched our spring 26th Activation spotlighting women's flag football, the next era of the game. Debuting just this past Wednesday on National Girls and Women in Sports Day, Click Clack, the next era, reimagines our iconic original 2006 ad in a fresh Gen Z forward way. With the sport exploding in the 28th Summer Olympics on the not-so-distant horizon, UA athletes Ashley Clam, Diana Flores, Linnea Bryan, and Isabella Garassi helps set the pace for the sport. The message is clear. Flag football is here to stay. At the highest level of the sport, our on-field credibility in the NFL continues to build spanning established athletes like Philadelphia Eagles Devonta Smith and rising stars such as Seattle Seahawks rookie Nick Amanowori. In his first year in the league, Nick will take the Super Bowl stage this Sunday, a powerful and energizing milestone that underscores the momentum of our athlete roster and the growing relevance of our brand at the very top of the game. We're also investing in the next generation of athletes. Our UA Next All-America Game Week showcased top high school talent across football and volleyball, broadcast on ESPN, and where we sold out the product capsule. We signed our first Click Clack NIL class and continue to build our presence in track and field as we prepare to host the inaugural UA Track and Field Nationals this spring at IMG Academy in Florida. This month, UA is on the world stage In Italy, Lindsey Vonn, our longest-serving athlete, will compete for Team USA, and Kale McCarr will take the ice for Team Canada at the Winter Olympics. Then next month, that momentum carries as the World Basketball Classic, where many of our iconic UA Major League Baseball players will compete at the highest level on yet another global stage. In EMEA, momentum continues to build across global football. Activations, including the UA Mansory Co-Lab, deliver strong engagement and sell-through. In our full funnel, be the problem football and unapologetic women's campaigns are outperforming benchmarks and strengthening our brand's cultural relevance. We don't see these as isolated moments. We see them as repeatable proof points that our brand is regaining momentum at scale. This authenticity enables UA to meet approximately $5 billion in annual consumer demand while rebuilding trust and deepening durable connections with athletes around the world. This is a foundation for sustained relevance, demand stability, and long-term value creation. Switching next to the regions, North America is beginning to turn the corner. We believe the December quarter marks the bottom of the reset. Traffic, yes, remains soft, but underlying indicators are improving. We continue efforts to strengthen our premium online position, even amid a promotional environment. E-commerce conversion is up, and factory house performance is improving. Digital engagement tools such as SMS and TikTok Shop are delivering strong growth. And in wholesale, our focus remains on rebuilding the right partner relationships, and we're making real progress. A Q3 product campaign led by Cold Gear Compression with Dick's Sporting Goods delivered solid results, and as partners gain confidence in our product and storytelling, collaboration is growing. and we are encouraged by how our fall order book is shaping up. In EMEA, the business remains solid and continues to be the clearest expression of our premium strategy in action. Performance is being driven by disciplined execution across the region with a more intentional approach to promotions that protects brand equity and pricing integrity. At the same time, solid wholesale performance is reinforcing the quality of our partnerships and the strength of demand in key markets. Together, these factors are delivering consistent, reliable results and underscoring the resilience of the business in the region. In APAC, where I spent seven days in January visiting five key cities with our teams and partners, we continue to make progress on our reset, and the region remains a critical long-term growth opportunity. There, we're taking decisive actions to manage inventory, sharpen assortments, and elevate the retail experience. Together, these efforts are positioning APAC for stabilization over the next 12 months and more sustainable growth beyond. So to close, there are no shortcuts in a turnaround like this. Progress is earned through discipline and consistent execution. The business is simpler. Revenue volatility is stabilizing. The margin trajectory is improving. Inventory is cleaner. And Under Armour remains a brand athletes actively choose. With authenticity and a competitive edge, that would be difficult, if not impossible, to replicate. Under Armour's unique, it just is. Now, if there's one thing to take away from today's call, we believe that the most disruptive phase of our reset is now behind us. We're past the period of structural change and operating noise, and the organization is now focused squarely on execution and stabilization. When we look at the fundamentals, they are where we expected them to be at this point in the reset. Our operating model is in a much better place. Our business plan is well-defined and increasingly repeatable, and our go-to-market approach is more focused and disciplined. Each is making progress, and each is reinforcing the other. The strategies we're executing are strengthening our foundation and positioning Under Armour to deliver more consistent performance and long-term value creation going forward. With that, I'll turn it over to Dave to review the quarter and our outlook. Thank you.