The reaction is exothermic, meaning heat is released when ammonia is formed.
According to Le Chatelier’s Principle, increasing the temperature will favor the endothermic direction (reverse reaction) to absorb the added heat.
This shift reduces the formation of NH$_3$ and increases the reactants' concentrations.
Since equilibrium shifts toward the reactants, the equilibrium constant $K$ (which is $\frac{[NH_3]^2}{[N_2][H_2]^3}$) will decrease.