Business/Financial Results (Form 8-K)

BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, November 7, 2025 - Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2025.

Biglari Holdings Inc.'s earnings for the third quarter and first nine months of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.

(dollars in thousands)
			Third Quarter												First Nine Months
			2025						2024						2025						2024
Pre-tax operating earnings			$	6,854					$	3,272					$	20,521					$	28,673
Investment gains (losses)			(14,406)						40,054						(4,154)						(18,867)
Income taxes			2,261						(11,201)						(4,002)						(3,292)
Net earnings (loss)			$	(5,291)					$	32,125					$	12,365					$	6,514

Analysis of Results:

Investments affect our reported quarterly earnings based on their carrying value. We do not regard the quarterly or annual fluctuations in our investments to be meaningful. Therefore, our operating businesses are best analyzed before the impact of investment gains. As a consequence, in the preceding table we separate earnings of our operating businesses from our investment gains.

In the third quarter of 2025, Steak n Shake's same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 15.0%.

At September 30, 2025, our book value per Class A Equivalent share was $2,244.26. (Class B shares have 1/5th the economic rights of Class A shares.)

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.

Comment on Regulation G