Under Armour Faces Challenges Amidst Intensifying Competition and Rising Tariffs, Analyst Maintains Hold RatingWe are in line with the high end of sales guide, modeling 2H -3% y/y with most of the decline weighted to Q3 coming from APAC's continued WS pressure. Management guided less pressure for NA in Q4 than Q3, with Q3 having the largest impact from tariffs. Our FY sales estimate is in line with consensus. We model a 2.1% FY26 EBIT margin, in line with guidance at the high end, and above consensus of 1.8%. We expect Q3 GM -350bps, a stronger decline than guided with pressure continuing in Q4, -300bps. This is a softer contraction than our prior estimates. Inventories were down -6% y/y. We model $300MM drawn from revolver in Q3. FY26 EPS guide of $0.03 to $0.05 seems slightly conservative, we model $0.07, above $0.04 consensus. Management historically guides slightly conservative for a beat.