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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 7, 2026 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2026.

Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2026 and 2025 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)

Second QuarterFirst Six Months

2026202520262025

Pre-tax operating earnings$6,274 $3,673 $2,133 $13,667

Investment gains (losses)45,345 61,429 30,604 10,252

Income taxes(11,693)(14,171)(7,342)(6,263)

Net earnings (loss)$39,926 $50,931 $25,395 $17,656

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 second quarter of 2026, Steak n Shake’s same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 13.8%.

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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, May 8, 2026 – Biglari Holdings Inc. announces its results for the first quarter of 2026.

Biglari Holdings Inc.’s earnings for the first quarter of 2026 and 2025 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)

First Quarter

20262025

Pre-tax operating earnings$(4,141)$9,994

Investment gains (losses)(14,741)(51,177)

Income taxes 4,351 7,908

Net earnings (loss)$(14,531)$(33,275)

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.

At March 31, 2026, our book value per Class A Equivalent share was $2,006.69. (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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, February 28, 2026 – Biglari Holdings Inc.’s 2025 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders.

Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.

(dollars in thousands)

Fourth QuarterYear Ended December 31,

2025202420252024

Pre-tax operating earnings$(1,739)$3,896 $18,782 $32,569

Investment gains (losses)(62,319)(21,856)(66,473)(40,723)

Income taxes and income attributable to noncontrolling interest14,205 7,687 10,203 4,395

Net earnings (loss) attributable to Biglari Holdings shareholders$(49,853)$(10,273)$(37,488)$(3,759)

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.

At December 31, 2025, our book value per Class A Equivalent share was $2,059.32. (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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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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 QuarterFirst Nine Months

2025202420252024

Pre-tax operating earnings$6,854 $3,272 $20,521 $28,673

Investment gains (losses)(14,406)40,054 (4,154)(18,867)

Income taxes2,261 (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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 8, 2025 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2025.

Biglari Holdings Inc.’s earnings for the second quarter and first six 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)

Second QuarterFirst Six Months

2025202420252024

Pre-tax operating earnings$3,673 $19,704 $13,667 $25,401

Investment gains (losses)61,429 (82,619)10,252 (58,921)

Income taxes(14,171)14,725 (6,263)7,909

Net earnings (loss)$50,931 $(48,190)$17,656 $(25,611)

Analysis of Results:

In the second quarter of 2025, Steak n Shake’s same-store sales for company and franchise-partner restaurants each increased by 10.7%.

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.

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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, May 9, 2025 – Biglari Holdings Inc. announces its results for the first quarter of 2025.

Biglari Holdings Inc.’s earnings for the first quarter 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)

First Quarter

20252024

Pre-tax operating earnings$9,994 $5,697

Investment gains (losses)(51,177)23,698

Income taxes 7,908 (6,816)

Net earnings (loss)$(33,275)$22,579

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.

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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, March 1, 2025 – Biglari Holdings Inc.’s 2024 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders.

Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2024 and 2023 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.

(dollars in thousands)

Fourth QuarterYear Ended December 31,

2024202320242023

Pre-tax operating earnings$3,896 $3,812 $32,569 $43,196

Investment gains (losses)(21,856)46,882 (40,723)21,651

Income taxes and income attributable to noncontrolling interest7,687 (6,054)4,395 (9,899)

Net earnings (loss) attributable to Biglari Holdings shareholders$(10,273)$44,640 $(3,759)$54,948

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.

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

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, November 8, 2024 – Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2024.

Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2024 and 2023 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 QuarterFirst Nine Months

2024202320242023

Pre-tax operating earnings$3,272 $20,298 $28,673 $39,384

Investment gains (losses)40,054 (94,314)(18,867)(25,231)

Income taxes and income attributable to noncontrolling interest(11,201)17,502 (3,292)(3,845)

Net earnings (loss) attributable to Biglari Holdings shareholders$32,125 $(56,514)$6,514 $10,308

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 9, 2024 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2024.

Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2024 and 2023 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)

Second QuarterFirst Six Months

2024202320242023

Pre-tax operating earnings$19,704 $10,037 $25,401 $19,086

Investment gains (losses)(82,619)(7,143)(58,921)69,083

Income taxes and income attributable to noncontrolling interest14,725 (958)7,909 (21,347)

Net earnings (loss) attributable to Biglari Holdings shareholders$(48,190)$1,936 $(25,611)$66,822

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, May 10, 2024 – Biglari Holdings Inc. announces its results for the first quarter of 2024.

Biglari Holdings Inc.’s earnings for the first quarter of 2024 and 2023 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)

First Quarter

20242023

Pre-tax operating earnings$5,697 $9,049

Investment gains 23,698 76,226

Income taxes and income attributable to noncontrolling interest(6,816)(20,389)

Net earnings attributable to Biglari Holdings shareholders$22,579 $64,886

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, February 24, 2024 – Biglari Holdings Inc.’s 2023 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders.

Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2023 and 2022 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.

(dollars in thousands)

Fourth QuarterYear Ended December 31,

2023202220232022

Pre-tax operating earnings$3,812 $5,212 $43,196 $36,319

Investment gains (losses)46,882 7,082 21,651 (79,346)

Income taxes and income attributable to noncontrolling interest(6,054)(2,239)(9,899)11,009

Net earnings (loss) attributable to Biglari Holdings shareholders$44,640 $10,055 $54,948 $(32,018)

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, November 3, 2023 – Biglari Holdings Inc. announces its results for the third quarter and first nine months of 2023.

Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2023 and 2022 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 QuarterFirst Nine Months

2023202220232022

Pre-tax operating earnings$20,298 $12,828 $39,384 $31,107

Investment gains (losses)(94,314)28,809 (25,231)(86,428)

Income tax (expense) benefit and earnings attributable to noncontrolling interest17,502 (9,632)(3,845)13,248

Net earnings (loss) attributable to Biglari Holdings shareholders$(56,514)$32,005 $10,308 $(42,073)

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 4, 2023 – Biglari Holdings Inc. announces its results for the second quarter and first six months of 2023.

Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2023 and 2022 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)

Second QuarterFirst Six Months

2023202220232022

Pre-tax operating earnings$10,037 $12,312 $19,086 $18,279

Investment gains (losses)(7,143)(108,801)69,083 (115,237)

Income tax (expense) benefit and earnings attributable to noncontrolling interest(958)22,709 (21,347)22,880

Net earnings (loss) attributable to Biglari Holdings shareholders$1,936 $(73,780)$66,822 $(74,078)

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, May 5, 2023 – Biglari Holdings Inc. announces its results for the first quarter of 2023.

Biglari Holdings Inc.’s earnings for the first quarter of 2023 and 2022 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)

First Quarter

20232022

Pre-tax operating earnings$9,049 $5,967

Investment gains (losses)76,226 (6,436)

Income tax (expense) benefit and earnings attributable to noncontrolling interest(20,389)171

Net earnings (loss) attributable to Biglari Holdings shareholders$64,886 $(298)

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, February 25, 2023 – Biglari Holdings Inc.’s 2022 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari’s annual letter to shareholders.

Biglari Holdings Inc.’s earnings for the fourth quarter and full year of 2022 and 2021 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-K, which has been posted at www.biglariholdings.com.

(dollars in thousands)

Fourth QuarterYear Ended December 31,

2022202120222021

Pre-tax operating earnings (loss)$5,212 $6,877 $36,319 $24,913

Investment gains (losses)7,082 (16,455)(79,346)17,354

Income tax (expense) benefit and losses attributable to noncontrolling interest(2,239)4,755 11,009 (6,789)

Net earnings (loss) attributable to Biglari Holdings shareholders$10,055 $(4,823)$(32,018)$35,478

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.

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, licensing and media, restaurants, and oil and gas.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company’s filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, November 4, 2022 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2022.

Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2022 and 2021 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 QuarterFirst Nine Months

2022202120222021

Pre-tax operating earnings attributable to Biglari Holdings shareholders$12,794 $754 $31,073 $18,036

Investment gains (losses)28,809 (15,697)(86,428)33,809

Income tax (expense) benefit(9,598)4,274 13,282 (11,544)

Net earnings (loss) attributable to Biglari Holdings shareholders$32,005 $(10,669)$(42,073)$40,301

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.

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, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 5, 2022 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2022.

Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2022 and 2021 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)

Second QuarterFirst Six Months

2022202120222021

Pre-tax operating earnings (loss)$12,312 $8,406 $18,279 $17,282

Investment gains (losses)(108,801)(35,341)(115,237)49,506

Income tax (expense) benefit22,709 6,198 22,880 (15,818)

Net earnings (loss)$(73,780)$(20,737)$(74,078)$50,970

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.

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, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, May 6, 2022 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2022.

Biglari Holdings Inc.’s earnings for the first quarter 2022 and 2021 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)

First Quarter

20222021

Pretax operating earnings (loss)$5,967 $8,876

Investment gains (losses)(6,436)84,847

Income tax (expense) benefit171 (22,016)

Net earnings (loss)$(298)$71,707

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.

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, licensing and media, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pretax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, November 5, 2021 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2021.

Biglari Holdings Inc.’s earnings for the third quarter and first nine months of 2021 and 2020 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 QuarterFirst Nine Months

2021202020212020

Pre-tax operating earnings (loss)$754 $(854)$18,036 $(10,354)

Investment gains(15,697)27,572 33,809 (87,413)

Income tax (expense) benefit4,274 (5,617)(11,544)23,449

Net earnings (loss)$(10,669)$21,101 $40,301 $(74,318)

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.

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, media and licensing, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.

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BIGLARI HOLDINGS INC.

NEWS RELEASE

San Antonio, TX, August 6, 2021 – Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2021.

Biglari Holdings Inc.’s earnings for the second quarter and first six months of 2021 and 2020 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)

Second QuarterFirst Six Months

2021202020212020

Pre-tax operating earnings (loss)$8,406 $(3,527)$17,282 $(9,500)

Investment gains(35,341)60,757 49,506 (114,985)

Income tax (expense) benefit6,198 (14,764)(15,818)29,066

Net earnings (loss)$(20,737)$42,466 $50,970 $(95,419)

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.

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, media and licensing, restaurants, and oil and gas. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

This news release may include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ markedly from those projected or discussed here. Biglari Holdings cautions readers not to place undue reliance upon any such forward-looking statements, for actual results may differ materially from expectations. Biglari Holdings does not update publicly or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Further information on the types of factors that could affect Biglari Holdings and its business can be found in the Company's filings with the SEC.