#United States #San Antonio #Annual Report #Biglari Holdings #Sardar Biglari

Biglari Holdings Inc. Releases 2025 Annual Report

San Antonio, TX, February 28, 2026 – Biglari Holdings Inc. (NYSE: BH.A; BH) has made its 2025 Annual Report available online, showcasing an overview of financial performance and a letter to shareholders from Sardar Biglari. This report can be accessed at Biglari Holdings' website.

Financial Highlights

The report details the earnings performance for Biglari Holdings during the fourth quarter as well as the full fiscal year. The substantial figures, presented below in thousands of dollars, reveal both significant losses and investment challenges for the year:

Fourth Quarter Results

• - Pre-tax operating earnings: $(1,739) for 2025 compared to $3,896 for 2024.
• - Investment gains (losses): $(62,319) for 2025 against $(21,856) for the prior year.
• - Net earnings (loss): $(49,853) in 2025, a stark decline from $(10,273) in 2024.

Year-End Results (December 31)

• - Total pre-tax operating earnings: $18,782 in 2025 vs. $32,569 in 2024.
• - Investment losses (gains): $(66,473) for 2025 compared to $(40,723) for 2024.
• - Net earnings (loss): $(37,488) in 2025 contrasted with $(3,759) in 2024.

These figures indicate a significant downturn in both operating performance and investment returns, prompting shareholders to consult the 10-K filing available online for comprehensive insights.

Insights and Considerations

In his annual letter, Sardar Biglari acknowledges the volatile nature of their investments and emphasizes the importance of looking beyond quarterly fluctuations to evaluate the company's operations effectively. This segregation of operational earnings from investment gains/losses provides a clearer picture of performance, particularly for shareholders focused on the underlying business rather than the investment portfolio.

Biglari Holdings reports a Class A Equivalent share book value of $2,059.32 as of December 31, 2025. It's important to note that Class B shares carry 1/5th the economic benefits of Class A shares, creating a unique class structure within the company's financial landscape.

About Biglari Holdings Inc.

Biglari Holdings Inc. operates as a holding entity with diverse interests, including property and casualty insurance, restaurants, media, and oil and gas industries. This complex structure allows for a diversified revenue stream, although it has faced some turbulence recently due to shifts in investment performance.

Cautionary Notes

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act. Biglari Holdings advises caution regarding reliance on these forward-looking statements, which are subject to various risks and uncertainties. Actual results may diverge significantly from projected figures due to changing conditions that impact financial performance. Detailed disclosures on associated risks are available in the company's filings with the SEC, ensuring transparency and compliance with regulatory protocols.

For further information and continuous updates, shareholders and interested parties are encouraged to visit the official Biglari Holdings website.

Conclusion

The release of this comprehensive annual report marks an important moment for Biglari Holdings Inc. and its investors as it provides a thorough examination of recent financial performance. Engaging with the company's online resources can offer additional clarity and context regarding investment strategies and operational realities moving forward.