Biglari Holdings Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Pre-tax operating earnings for the third quarter of 2026 were $9,874 thousand, compared to $6,854 thousand in the same period of 2025.
• Investment gains (losses) for the third quarter of 2026 were $(8,472) thousand, compared to $(14,406) thousand in the third quarter of 2025.
• Income taxes for the third quarter of 2026 were $(388) thousand, compared to $2,261 thousand in the third quarter of 2025.
• Net earnings for the third quarter of 2026 were $1,014 thousand, compared to a net loss of $(5,291) thousand in the third quarter of 2025.
• Pre-tax operating earnings for the first nine months of 2026 were $12,007 thousand, compared to $20,521 thousand for the same period in 2025.
• Investment gains for the first nine months of 2026 were $22,132 thousand, compared to a loss of $(4,154) thousand in the first nine months of 2025.
• Income taxes for the first nine months of 2026 were $(7,730) thousand, compared to $(4,002) thousand in the first nine months of 2025.
• Net earnings for the first nine months of 2026 were $26,409 thousand, compared to $12,365 thousand in the first nine months of 2025.
• The company separates earnings of operating businesses from investment gains/losses, noting that quarterly or annual fluctuations in investments are not regarded as meaningful for analyzing operating businesses.

Business Segments and Product Lines:

• Steak n Shake's same-store sales for domestic company-operated and franchise-partner-operated restaurants increased by 18.2% in the third quarter of 2026.
• The company's subsidiaries are engaged in property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas.

Other Key Points:

• The press release contains non-GAAP financial measures, specifically pre-tax operating earnings defined as earnings outside the impact of investment gains/losses.
• Shareholders are directed to the company's 10-Q filing at www.biglariholdings.com for a comprehensive review of results.
• The company cautions that it does not update publicly or revise forward-looking statements even if experience or future changes indicate projected results will not be realized.