Companies: 10,793     total market cap: NZ$239.327 T
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Biglari
BH
#5998
Rank
NZ$1.76 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$562.60
Share price
1.38%
Change (1 day)
53.96%
Change (1 year)
๐Ÿ” Restaurant chains๐Ÿด Food
Categories
  1. Biglari
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Biglari - 10-Q quarterly report FY2025 Q2


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2025
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 001-38477
BIGLARI HOLDINGS INC.
(Exact name of registrant as specified in its charter)

Indiana82-3784946
(State or other jurisdiction of incorporation)(I.R.S. Employer Identification No.)

19100 Ridgewood Parkway,
Suite 1200
San Antonio,Texas78259
(Address of principal executive offices)(Zip Code)
(210) 344-3400
Registrant’s telephone number, including area code
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, no par value BH.ANew York Stock Exchange
Class B Common Stock, no par valueBHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
  Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
Number of shares of common stock outstanding as of August 5, 2025:
Class A common stock –  206,864 
Class B common stock –2,068,640 

BIGLARI HOLDINGS INC.
INDEX
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PART 1 – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

BIGLARI HOLDINGS INC.

CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30,
2025		December 31,
2024
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$32,766 $30,709 
Investments104,541 102,975 
Receivables21,082 25,184 
Inventories4,371 4,031 
Other current assets11,521 7,716 
Total current assets174,281 170,615 
Property and equipment365,262 376,155 
Operating lease assets35,506 34,011 
Goodwill and other intangible assets76,244 75,316 
Investment partnerships202,893 201,727 
Other assets9,393 8,309 
Total assets$863,579 $866,133 
Liabilities and shareholders’ equity
Liabilities
Current liabilities:
Accounts payable and accrued expenses$56,418 $63,381 
Losses and loss adjustment expenses17,203 17,250 
Unearned premiums18,412 17,236 
Current portion of lease obligations15,054 14,449 
Line of credit19,000 35,000 
Total current liabilities126,087 147,316 
Lease obligations91,384 90,739 
Deferred taxes40,768 29,393 
Line of credit— 10,000 
Asset retirement obligations15,549 15,218 
Other liabilities505 506 
Total liabilities274,293 293,172 
Shareholders’ equity
Common stock1,138 1,138 
Additional paid-in capital385,594 385,594 
Retained earnings645,355 627,699 
Accumulated other comprehensive loss(1,392)(2,872)
Treasury stock, at cost(441,409)(438,598)
Biglari Holdings Inc. shareholders’ equity589,286 572,961 
Total liabilities and shareholders’ equity$863,579 $866,133 
See accompanying Notes to Consolidated Financial Statements.

1
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in thousands except per share amounts)
Second QuarterFirst Six Months
2025202420252024
(Unaudited)(Unaudited)
Revenues  
Restaurant operations$72,011 $64,475 $136,360 $126,471 
Insurance premiums and other18,823 17,694 38,172 35,427 
Oil and gas7,498 8,671 17,428 18,181 
Licensing and media2,287 301 3,694 513 
Total revenues100,619 91,141 195,654 180,592 
Costs and expenses
Restaurant cost of sales40,039 36,886 77,797 71,307 
Insurance losses and underwriting expenses15,932 15,745 32,984 30,808 
Oil and gas production costs2,880 4,282 6,926 8,781 
Licensing and media costs2,421 523 4,072 1,026 
Selling, general and administrative22,853 18,653 44,220 36,928 
Gain on sale of oil and gas properties(794)(16,165)(10,117)(16,646)
Impairments1,251 1,000 1,251 1,107 
Depreciation, depletion, and amortization10,272 9,122 20,529 19,175 
Interest expense on leases1,240 1,349 2,573 2,663 
Interest expense on borrowings852 42 1,752 42 
Total costs and expenses96,946 71,437 181,987 155,191 
Other income
Investment gains (losses)2,925 (2,729)1,340 (1,016)
Investment partnership gains (losses)58,504 (79,890)8,912 (57,905)
Total other income (expenses)61,429 (82,619)10,252 (58,921)
Earnings (loss) before income taxes65,102 (62,915)23,919 (33,520)
Income tax expense (benefit)14,171 (14,725)6,263 (7,909)
Net earnings (loss)$50,931 $(48,190)$17,656 $(25,611)
Net earnings (loss) per average equivalent Class A share *$194.57 $(171.89)$67.26 $(90.80)
*Net earnings (loss) per average equivalent Class B share outstanding are one-fifth of the average equivalent Class A share or $38.91 and $13.45 for the second quarter and first six months of 2025, respectively, and $(34.38) and $(18.16) for the second quarter and first six months of 2024, respectively.
See accompanying Notes to Consolidated Financial Statements.
2
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands)
 Second QuarterFirst Six Months
 2025202420252024
 (Unaudited)(Unaudited)
Net earnings (loss)$50,931 $(48,190)$17,656 $(25,611)
Foreign currency translation1,010 (118)1,480 (149)
Comprehensive income (loss)$51,941 $(48,308)$19,136 $(25,760)
See accompanying Notes to Consolidated Financial Statements.

3
BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
First Six Months
20252024
(Unaudited)
Operating activities  
Net earnings (loss)$17,656 $(25,611)
Adjustments to reconcile net earnings (loss) to operating cash flows:
Depreciation, depletion, and amortization20,529 19,175 
Provision for deferred income taxes11,254 (11,656)
Asset impairments1,251 1,107 
Gains on sale of assets(11,032)(19,618)
Investment and investment partnership gains and losses(10,252)58,921 
Distributions from investment partnerships35,000 1,000 
Changes in receivables, inventories and other assets559 1,234 
Changes in accounts payable and accrued expenses(7,023)(3,642)
Net cash provided by operating activities57,942 20,910 
Investing activities
Capital expenditures(10,004)(16,429)
Proceeds from property and equipment disposals12,477 21,820 
Purchases of interests in limited partnerships(30,065)(22,924)
Purchases of investments(31,479)(43,152)
Sales of investments and redemptions of fixed maturity securities31,910 41,099 
Net cash used in investing activities(27,161)(19,586)
Financing activities
Proceeds from line of credit27,000 6,050 
Payments on line of credit(53,000)(6,000)
Principal payments on direct financing lease obligations(2,778)(2,741)
Net cash used in financing activities(28,778)(2,691)
Effect of exchange rate changes on cash42 (7)
Increase (decrease) in cash, cash equivalents and restricted cash2,045 (1,374)
Cash, cash equivalents and restricted cash at beginning of year31,432 29,654 
Cash, cash equivalents and restricted cash at end of second quarter$33,477 $28,280 
June 30,
20252024
(Unaudited)
Cash and cash equivalents$32,766 $26,897 
Restricted cash in other long-term assets711 1,383 
Cash, cash equivalents and restricted cash at end of second quarter$33,477 $28,280 
See accompanying Notes to Consolidated Financial Statements.
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BIGLARI HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(dollars in thousands)
Common
Stock		Additional Paid-In
Capital		Retained
Earnings		Accumulated Other Comprehensive Income (Loss)Treasury
Stock		Total
For the second quarter and first six months of 2025
Balance at December 31, 2024$1,138 $385,594 $627,699 $(2,872)$(438,598)$572,961 
Net earnings (loss)(33,275)(33,275)
Other comprehensive loss470 470 
Adjustment for holdings in investment partnerships(320)(320)
Balance at March 31, 2025$1,138 $385,594 $594,424 $(2,402)$(438,918)$539,836 
Net earnings (loss)50,931 50,931 
Other comprehensive loss1,010 1,010 
Adjustment for holdings in investment partnerships(2,491)(2,491)
Balance at June 30, 2025$1,138 $385,594 $645,355 $(1,392)$(441,409)$589,286 

For the second quarter and first six months of 2024
Balance at December 31, 2023$1,138 $385,594 $631,458 $(2,518)$(416,342)$599,330 
Net earnings (loss)22,579 22,579 
Other comprehensive income(31)(31)
Adjustment for holdings in investment partnerships(3,306)(3,306)
Balance at March 31, 2024$1,138 $385,594 $654,037 $(2,549)$(419,648)$618,572 
Net earnings (loss)(48,190)(48,190)
Other comprehensive loss(118)(118)
Adjustment for holdings in investment partnerships(1,085)(1,085)
Balance at June 30, 2024$1,138 $385,594 $605,847 $(2,667)$(420,733)$569,179 
See accompanying Notes to Consolidated Financial Statements.
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BIGLARI HOLDINGS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2025
(dollars in thousands, except share and per share data)
Note 1. Summary of Significant Accounting Policies
Description of Business
The accompanying unaudited consolidated financial statements of Biglari Holdings Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In our opinion, all adjustments considered necessary to present fairly the results of the interim periods have been included and consist only of normal recurring adjustments. The results for the interim periods shown are not necessarily indicative of results for the year. The financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024.
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. The Company’s largest operating subsidiaries are involved in the franchising and operating of restaurants. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
As of June 30, 2025, Mr. Biglari beneficially owns shares of the Company that represent approximately 74.3% of the voting interest.

Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including Steak n Shake Inc., Western Sizzlin Corporation, First Guard Insurance Company, Maxim Inc., Southern Pioneer Property & Casualty Insurance Company, Biglari Reinsurance Ltd., Southern Oil Company and Abraxas Petroleum Corporation. Intercompany accounts and transactions have been eliminated in consolidation.
Note 2. Earnings Per Share
Earnings per share of common stock is based on the weighted average number of shares outstanding during the year. The shares of Company stock attributable to our limited partner interest in The Lion Fund, L.P., and The Lion Fund II, L.P., (collectively, the “investment partnerships”) — based on our proportional ownership during this period — are considered treasury stock on the consolidated balance sheet and thereby deemed not to be included in the calculation of weighted average common shares outstanding. However, these shares are legally outstanding.

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Note 2. Earnings Per Share (continued)
The following table presents shares authorized, issued and outstanding on June 30, 2025 and December 31, 2024.
 June 30, 2025December 31, 2024
 Class AClass BClass AClass B
Common stock authorized500,000 10,000,000 500,000 10,000,000 
Common stock issued and outstanding206,864 2,068,640 206,864 2,068,640 

The Company has applied the “two-class method” of computing earnings per share as prescribed in Accounting Standards Codification (“ASC”) 260, “Earnings Per Share”. (Class B shares are economically equivalent to one-fifth of a Class A share.) The equivalent Class A common stock applied for computing earnings per share excludes the proportional shares of Biglari Holdings’ stock held by the investment partnerships. In the tabulation below is the weighted average equivalent Class A common stock for earnings per share.
Second QuarterFirst Six Months
2025202420252024
Equivalent Class A common stock outstanding620,592 620,592 620,592 620,592 
Proportional ownership of Company stock held by investment partnerships358,832 340,232 358,088 338,518 
Equivalent Class A common stock for earnings per share261,760 280,360 262,504 282,074 
Note 3. Investments
We classify investments in fixed maturity securities at the acquisition date as available-for-sale. Realized gains and losses on disposals of investments are determined on a specific identification basis. Dividends and interest earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.

Investment gains for the second quarter and first six months of 2025 were $2,925 and $1,340, respectively. Investment losses in the second quarter and first six months of 2024 were $2,729 and $1,016, respectively.
Note 4. Investment Partnerships   
The Company reports on the limited partnership interests in investment partnerships under the equity method of accounting. We record our proportional share of equity in the investment partnerships but exclude Company common stock held by said partnerships. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. The Company records gains/losses from investment partnerships (inclusive of the investment partnerships’ unrealized gains and losses on their securities) in the consolidated statements of earnings based on our carrying value of these partnerships. The fair value is calculated net of the general partner’s accrued incentive fees. Gains and losses on Company common stock included in the earnings of these partnerships are eliminated because they are recorded as treasury stock. 
Biglari Capital Corp. is the general partner of the investment partnerships. Biglari Capital Corp. is solely owned by Mr. Biglari. Under the terms of their partnership agreements, each contribution made by the Company to the investment partnerships is subject to a rolling five year lock-up period. The lock-up period can be waived by the general partner in its sole discretion.


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Note 4. Investment Partnerships (continued)

The fair value and adjustment for Company common stock held by the investment partnerships to determine the carrying value of our partnership interest are presented below.
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2024$656,266 $454,539 $201,727 
Investment partnership gains (losses)68,515 59,603 8,912 
Distributions (net of contributions)(4,935)(4,935)
Changes in proportionate share of Company stock held2,811 (2,811)
Partnership interest at June 30, 2025$719,846 $516,953 $202,893 
 Fair ValueCompany
Common Stock		Carrying Value
Partnership interest at December 31, 2023$472,772 $273,669 $199,103 
Investment partnership gains (losses)(12,645)45,260 (57,905)
Contributions (net of distributions)21,924 21,924 
Changes in proportionate share of Company stock held4,391 (4,391)
Partnership interest at June 30, 2024$482,051 $323,320 $158,731 
The carrying value of the investment partnerships net of deferred taxes is presented below.
 June 30,
2025		December 31, 2024
Carrying value of investment partnerships$202,893 $201,727 
Deferred tax liability related to investment partnerships(30,030)(17,255)
Carrying value of investment partnerships net of deferred taxes$172,863 $184,472 
We expect that a majority of the $30,030 deferred tax liability enumerated above will not become due until the dissolution of the investment partnerships.
The Company’s proportionate share of Company stock held by investment partnerships at cost was $441,409 and $438,598 at June 30, 2025 and December 31, 2024, respectively. 
The carrying value of the partnership interest approximates fair value adjusted by the value of held Company stock.  Fair value of our partnership interest is assessed according to our proportional ownership interest of the fair value of investments held by the investment partnerships. Unrealized gains and losses on marketable securities held by the investment partnerships affect our net earnings. 
Gains/losses from investment partnerships recorded in the Company’s consolidated statements of earnings are presented below.
 Second QuarterFirst Six Months
 2025202420252024
Gains (losses) from investment partnerships$58,504 $(79,890)$8,912 $(57,905)
Tax expense (benefit)12,310 (19,142)2,144 (14,305)
Contribution to net earnings (loss)$46,194 $(60,748)$6,768 $(43,600)
On December 31 of each year, the general partner of the investment partnerships, Biglari Capital Corp., will earn an incentive reallocation fee for the Company’s investments equal to 25% of the net profits above an annual hurdle rate of 6% over the previous high-water mark. Our policy is to accrue an estimated incentive fee throughout the year. The total incentive reallocation from Biglari Holdings to Biglari Capital Corp. includes gains on the Company’s common stock. Gains and losses on the Company’s common stock and the related incentive reallocations are eliminated in our financial statements.
There were no incentive reallocations accrued during the first six months of 2025 and 2024.
8
Note 4. Investment Partnerships (continued)

Summarized financial information for The Lion Fund, L.P. and The Lion Fund II, L.P. is presented below.
 Equity in Investment Partnerships
 Lion FundLion Fund II
Total assets as of June 30, 2025$623,894 $365,151 
Total liabilities as of June 30, 2025$15,173 $178,988 
Revenue for the first six months of 2025$58,537 $23,257 
Earnings for the first six months of 2025$57,970 $18,396 
Biglari Holdings’ ownership interest as of June 30, 202591.6 %87.8 %
Total assets as of December 31, 2024$567,387 $367,630 
Total liabilities as of December 31, 2024$20,609 $188,202 
Revenue for the first six months of 2024$33,316 $(42,355)
Earnings for the first six months of 2024$32,417 $(48,207)
Biglari Holdings’ ownership interest as of June 30, 202490.2 %87.3 %
Revenue in the financial information of the investment partnerships, summarized above, includes investment income and unrealized gains and losses on investments.
Note 5. Property and Equipment
Property and equipment is composed of the following.
 June 30,
2025		December 31,
2024
Land$131,142 $134,738 
Buildings161,857 160,282 
Land and leasehold improvements153,272 152,091 
Equipment211,518 213,800 
Oil and gas properties157,661 156,849 
Construction in progress1,251 672 
 816,701 818,432 
Less accumulated depreciation, depletion, and amortization(451,439)(442,277)
Property and equipment, net$365,262 $376,155 
Depletion expense related to oil and gas properties was $5,966 and $4,227 during the first six months of 2025 and 2024, respectively.
The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $1,251 in the second quarter of 2025. No impairment was recorded in the second quarter of 2024. The Company recorded an impairment to restaurant long-lived assets related to underperforming stores of $1,251 and $107 in the first six months of 2025 and 2024, respectively.

We did not record any impairments to our oil and gas assets during the second quarter and first six months of 2025 and 2024. However, if commodity prices fall below current levels, we may be required to record impairments in future periods and such impairments could be material. Further, if commodity prices decrease, our production, proved reserves, and cash flows will be adversely impacted.

Abraxas Petroleum recorded gains of $794 and $16,165 during the second quarter of 2025 and 2024, respectively, and recorded gains of $10,117 and $16,646 during the first six months of 2025 and 2024, respectively, as a result of selling undeveloped reserves. Abraxas may receive future royalties for each of these transactions as the reserves are developed by the respective unaffiliated parties.
9
Note 5. Property and Equipment (continued)

Property and equipment held for sale of $3,820 and $1,081 are recorded in other assets as of June 30, 2025 and December 31, 2024, respectively. The assets classified as held for sale include properties which were previously company-operated restaurants.

During the first six months of 2025 and 2024, the Company recognized net gains of $807 and $2,909, respectively, in connection with property sales, lease terminations and asset disposals which are included in selling, general and administrative expenses in the consolidated statements of earnings.
Note 6. Goodwill and Other Intangible Assets
Goodwill
Goodwill consists of the excess of the purchase price over the fair value of the net assets acquired in connection with business acquisitions.
A reconciliation of the change in the carrying value of goodwill is as follows.
 Goodwill
Goodwill at December 31, 2024
Goodwill $53,796 
Impairments prior to 2025(1,300)
52,496 
Change in foreign exchange rates during the first six months of 202572 
Goodwill at June 30, 2025
$52,568 

Goodwill and indefinite-lived intangible asset impairment reviews include determining the estimated fair values of our reporting units and indefinite-lived intangible assets. The key assumptions and inputs used in such determinations may include forecasting revenues and expenses, cash flows and capital expenditures, as well as an appropriate discount rate and other inputs. Significant judgment by management is required in estimating the fair value of a reporting unit and in performing impairment reviews. Due to the inherent subjectivity and uncertainty in forecasting future cash flows and earnings over long periods of time, actual results may differ materially from the forecasts. If the carrying value of the indefinite-lived intangible asset exceeds fair value, the excess is charged to earnings as an impairment loss. If the carrying value of a reporting unit exceeds the estimated fair value of the reporting unit, then the excess, limited to the carrying amount of goodwill, will be charged to earnings as an impairment loss. There was no impairment recorded by Steak n Shake for goodwill during the first six months of 2025 or 2024. We perform our annual assessment of our recoverability of goodwill related to Western Sizzlin during the second quarter. We did not record an impairment for goodwill during 2025. An impairment to goodwill of $1,000 was recorded in 2024. There was no impairment recorded for intangible assets during the first six months of 2025 and 2024.
Other Intangible Assets
Intangible assets with indefinite lives are composed of the following.
 Trade NamesLease RightsTotal
Balance at December 31, 2024
Intangibles$15,876 $10,692 $26,568 
Impairments prior to 2025— (3,748)(3,748)
15,876 6,944 22,820 
Change in foreign exchange rates during the first six months of 2025— 856 856 
Balance at June 30, 2025
$15,876 $7,800 $23,676 
10

Note 7. Restaurant Operations Revenues
Restaurant operations revenues were as follows.
 Second QuarterFirst Six Months
 2025202420252024
Net sales$46,858 $40,815 $88,473 $79,550 
Franchise partner fees20,150 18,149 37,289 35,907 
Franchise royalties and fees3,128 3,615 6,617 7,092 
Other1,875 1,896 3,981 3,922 
 $72,011 $64,475 $136,360 $126,471 
Net Sales
Net sales are composed of retail sales of food through company-operated stores. Company-operated store revenues are recognized, net of discounts and sales taxes, when our obligation to perform is satisfied at the point of sale. Sales taxes related to these sales are collected from customers and remitted to the appropriate taxing authority and are not reflected in the Company’s consolidated statements of earnings as revenue.
Franchise Partner Fees
Franchise partner fees are composed of up to 15% of sales as well as 50% of profits. We are therefore fully affected by the operating results of the business, unlike in a traditional franchising arrangement, where the franchisor obtains a royalty fee based on sales only. We generate most of our revenue from our share of the franchise partners’ profits. An initial franchise fee of ten thousand dollars is recognized when the operator becomes a franchise partner. The Company recognizes franchise partner fees monthly as underlying restaurant sales occur.
The Company leases or subleases property and equipment to franchise partners under lease arrangements. Both real estate and equipment rental payments are charged to franchise partners and are recognized in accordance with ASC 842, “Leases”. During the second quarter of 2025 and 2024, restaurant operations recognized $5,887 and $5,780, respectively, in franchise partner fees related to rental income. During the first six months ended June 30, 2025 and June 30, 2024, restaurant operations recognized $11,440 and $11,485, respectively, in franchise partner fees related to rental income.
Franchise Royalties and Fees
Franchise royalties and fees from Steak n Shake and Western Sizzlin franchisees are based upon a percentage of sales of the franchise restaurant and are recognized as earned. Franchise royalties are billed on a monthly basis. Initial franchise fees when a new restaurant opens or at the start of a new franchise term are recorded as deferred revenue when received and recognized as revenue over the term of the franchise agreement.
Other Revenue
Restaurant operations sell gift cards to customers which can be redeemed for retail food sales within our stores. Gift cards are recorded as deferred revenue when issued and are subsequently recorded as net sales upon redemption. Restaurant operations estimate breakage related to gift cards when the likelihood of redemption is remote. This estimate utilizes historical trends based on the vintage of the gift card. Breakage on gift cards is recorded as other revenue in proportion to the rate of gift card redemptions by vintage.
11

Note 8. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses include the following.
 June 30,
2025		December 31,
2024
Accounts payable$25,538 $28,542 
Gift cards and other marketing4,593 6,655 
Insurance accruals1,074 1,746 
Compensation5,198 4,911 
Deferred revenue5,167 3,723 
Taxes payable4,191 8,134 
Oil and gas payable2,042 1,912 
Professional fees3,588 3,052 
Due to broker4,276 3,517 
Other751 1,189 
Accounts payable and accrued expenses$56,418 $63,381 

Note 9. Lines of Credit
Biglari Holdings Lines of Credit
Biglari Holdings’ line of credit dated September 13, 2022 was amended on September 13, 2024 and the available line of credit is $35,000. The line of credit matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. There was a $19,000 and $35,000 balance on the line of credit on June 30, 2025 and December 31, 2024, respectively. Our interest rate was 7.1% on June 30, 2025 and December 31, 2024.

On November 8, 2024, Biglari Holdings entered into a line of credit in an aggregate principal amount of up to $75,000. The line of credit will be available on a revolving basis until November 7, 2027. The line of credit includes customary covenants as well as financial maintenance covenants. There was a $10,000 balance on the line of credit on December 31, 2024. Our interest rate was 7.8% on December 31, 2024. As of June 30, 2025, Biglari Holdings had no debt outstanding on its line of credit.

Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of June 30, 2025 and December 31, 2024, there was no debt outstanding under its revolver.

12

Note 10. Unpaid Losses and Loss Adjustment Expenses
Our liabilities for unpaid losses and loss adjustment expenses (also referred to as “claim liabilities”) under insurance contracts are based upon estimates of the ultimate claim costs associated with claim occurrences as of the balance sheet date and include estimates for incurred-but-not-reported (“IBNR”) claims. A reconciliation of the changes in claim liabilities, net of reinsurance, for each of the six-month periods ended June 30, 2025 and 2024 follows.
June 30,
2025		June 30,
2024
Balances at beginning of year:
Gross liabilities$18,028 $16,105 
Reinsurance recoverable on unpaid losses(778)(937)
Net liabilities17,250 15,168 
Incurred losses and loss adjustment expenses:
Current accident year23,594 23,539 
Prior accident years872 (1,330)
Total24,466 22,209 
Paid losses and loss adjustment expenses:
Current accident year18,663 16,653 
Prior accident years5,850 5,029 
Total24,513 21,682 
Balances at June 30:
Net liabilities17,203 15,695 
Reinsurance recoverable on unpaid losses612 272 
Gross liabilities$17,815 $15,967 
We recorded net increases of $872 for estimated ultimate liabilities for prior accident years in the first six months of 2025, and net reductions of $1,330 in the first six months of 2024. These changes as a percentage of the net liabilities at the beginning of each year were 5.1% in 2025 and 8.8% in 2024.

Note 11. Lease Assets and Obligations
Lease obligations include the following.
Current portion of lease obligationsJune 30,
2025		December 31,
2024
Finance lease liabilities$1,333 $1,250 
Finance obligations4,709 4,664 
Operating lease liabilities9,012 8,535 
Total current portion of lease obligations$15,054 $14,449 
Long-term lease obligations
Finance lease liabilities$3,873 $2,747 
Finance obligations58,991 60,386 
Operating lease liabilities28,520 27,606 
Total long-term lease obligations$91,384 $90,739 
Nature of Leases
Steak n Shake and Western Sizzlin operate restaurants that are located on sites owned by us or leased from third parties. In addition, they own sites and lease sites from third parties that are leased and/or subleased to franchisees.
13
Note 11. Lease Assets and Obligations (continued)
Lease Costs
A significant portion of our operating and finance lease portfolio includes restaurant locations. We recognize fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, we recognize amortization expense on the right-of-use asset and interest expense on the lease liability over the lease term.
Total lease cost consists of the following.
Second QuarterFirst Six Months
2025202420252024
Finance lease costs:
Amortization of right-of-use assets$226 $221 $439 $447 
Interest on lease liabilities87 83 161 167 
Operating and variable lease costs2,862 2,948 5,798 5,777 
Sublease income(2,512)(2,986)(5,120)(5,975)
Total lease costs$663 $266 $1,278 $416 
Supplemental cash flow information related to leases is as follows.
 First Six Months
 20252024
Cash paid for amounts included in the measurement of lease liabilities:  
Financing cash flows from finance leases$625 $621 
Operating cash flows from finance leases$161 $167 
Operating cash flows from operating leases$5,410 $5,409 

Supplemental balance sheet information related to leases is as follows.
June 30,
2025		December 31,
2024
Finance leases:
Property and equipment, net$4,334 $2,980 
Weighted-average lease terms and discount rates are as follows.
June 30,
2025
Weighted-average remaining lease terms:
Finance leases5.97 years
Operating leases6.44 years
Weighted-average discount rates:
Finance leases7.0 %
Operating leases7.0 %
14
Note 11. Lease Assets and Obligations (continued)
Maturities of lease liabilities as of June 30, 2025 are as follows.
YearOperating
Leases		Finance
Leases
Remainder of 2025$5,490 $754 
20269,437 1,486 
20277,079 1,152 
20286,130 764 
20295,061 532 
After 202913,101 1,717 
Total lease payments46,298 6,405 
Less interest8,766 1,199 
Total lease liabilities$37,532 $5,206 
Lease Income
The components of lease income recorded in restaurant operations are as follows.
Second QuarterFirst Six Months
2025202420252024
Operating lease income$3,914 $4,236 $7,846 $8,417 
Variable lease income2,288 1,824 4,188 3,623 
Total lease income$6,202 $6,060 $12,034 $12,040 

The following table displays the Company’s future minimum rental receipts for non-cancelable leases and subleases as of June 30, 2025. Franchise partner leases and subleases are short-term leases and have been excluded from the table.

Operating Leases
YearSubleasesOwned Properties
Remainder of 2025$386 $323 
2026528 639 
2027431 651 
2028311 662 
2029225 678 
After 2029225 3,499 
Total future minimum receipts$2,106 $6,452 
Note 12. Income Taxes
In determining the quarterly provision for income taxes, the Company used an estimated annual effective tax rate for the first six months of 2025 and 2024. Our periodic effective income tax rate is affected by the relative mix of pre-tax earnings or losses and underlying income tax rates applicable to the various taxing jurisdictions.
Income tax expense for the second quarter of 2025 was $14,171 compared to an income tax benefit of $14,725 for the second quarter of 2024.  Income tax expense for the first six months of 2025 was $6,263 compared to an income tax benefit of $7,909 for the first six months of 2024. The variance in income taxes between 2025 and 2024 is attributable to taxes on income generated by the investment partnerships.  Investment partnership pre-tax gains were $58,504 during the second quarter of 2025 compared to pre-tax losses of $79,890 during the second quarter of 2024. Investment partnership pre-tax gains were $8,912 during the first six months of 2025 compared to pre-tax losses of $57,905 during the first six months of 2024. 
15
Note 12. Income Taxes (continued)
The One Big Beautiful Bill Act was signed into law on July 4, 2025. The new Act makes permanent certain expiring provisions of the Tax Cuts and Jobs Act and restores favorable tax treatment for certain business provisions including 100% bonus depreciation and the business interest expense limitation.
Note 13. Commitments and Contingencies

We are involved in various legal proceedings and have certain unresolved claims pending. We believe, based on examination of these matters and experiences to date, that the ultimate liability, if any, in excess of amounts already provided in our consolidated financial statements is not likely to have a material effect on our results of operations, financial position or cash flow.
Note 14. Fair Value of Financial Assets
The fair values of substantially all of our financial instruments were measured using market or income approaches. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, the fair values presented are not necessarily indicative of the amounts that could be realized in an actual current market exchange. The use of alternative market assumptions and/or estimation methodologies may have a material effect on the estimated fair value.
The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below.
•Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. 
•Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.
•Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.
The following methods and assumptions were used to determine the fair value of each class of the following assets recorded at fair value in the consolidated balance sheets:
Cash equivalents: Cash equivalents primarily consist of money market funds which are classified as Level 1 of the fair value hierarchy.
Equity securities: The Company’s investments in equity securities are classified as Level 1 of the fair value hierarchy. 
Bonds: The Company’s investments in bonds consist of both corporate and government debt. Bonds may be classified as Level l or Level 2 of the fair value hierarchy.
16
Note 14. Fair Value of Financial Assets (continued)
As of June 30, 2025 and December 31, 2024, the fair values of financial assets were as follows.
June 30, 2025December 31, 2024
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash equivalents$14,780 $— $— $14,780 $11,684 $— $— $11,684 
Equity securities
Consumer goods43,823 — — 43,823 39,706 — — 39,706 
Other5,229 — — 5,229 5,569 — — 5,569 
Bonds
Government52,376 3,612 — 55,988 52,328 5,245 — 57,573 
Corporate— 656 — 656 — 750 — 750 
Total assets at fair value$116,208 $4,268 $— $120,476 $109,287 $5,995 $— $115,282 
There were no changes in our valuation techniques used to measure fair values on a recurring basis.
Note 15. Related Party Transactions
Service Agreement
The Company is party to a service agreement with Biglari Enterprises LLC (“Biglari Enterprises”) under which Biglari Enterprises provides business and administrative related services to the Company. Biglari Enterprises is owned by Mr. Biglari.

The Company paid Biglari Enterprises $5,700 in service fees during the first six months of 2025 and $4,800 during the first six months of 2024. The service agreement does not alter the hurdle rate connected with the incentive reallocation paid to Biglari Capital Corp.  
Incentive Agreement
The Incentive Agreement establishes a performance-based annual incentive payment for Mr. Biglari contingent upon the growth in adjusted equity in each year attributable to our operating businesses. In order for Mr. Biglari to receive any incentive, our operating businesses must achieve an annual increase in shareholders’ equity in excess of 6% (the “hurdle rate”) above the previous highest level (the “high-water mark”). Mr. Biglari will receive 25% of any incremental book value created above the high-water mark plus the hurdle rate.
17
Note 16. Business Segment Reporting
Our reportable business segments are organized in a manner that reflects how management views those business activities. Biglari Holdings’ diverse businesses are managed on an unusually decentralized basis. Our restaurant operations include Steak n Shake and Western Sizzlin. Our insurance operations include First Guard, Southern Pioneer, and Biglari Reinsurance. Our oil and gas operations include Southern Oil and Abraxas Petroleum. The Company also reports segment information for Maxim. Other business activities not specifically identified with reportable business segments are presented under corporate and other. We report our earnings from investment partnerships separately. The Company’s chief operating decision maker is the Chief Executive Officer who is ultimately responsible for significant capital allocation decisions, evaluating operating performance and selecting the chief executive to head each of the operating segments. The cost and expense information provided is based on the information regularly provided to the chief operating decision maker. Given the varied operating segments and differences in revenue streams and cost structures, there are wide variances in the form, content, and levels of such expense information significant to the business. With respect to insurance underwriting, the chief operating decision maker considers pre-tax underwriting earnings. Typically, there are no budgeted or forecasted premiums. For most non-insurance businesses, pre-tax earnings are considered in allocating resources and capital.
A disaggregation of our consolidated data for the second quarters and first six months of 2025 and 2024 is presented in the tables which follow.
Restaurant
Second Quarter
2025
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$69,258 $2,753 $72,011 
Cost and expenses:
Cost of food13,241 926 14,167 
Labor costs13,366 654 14,020 
Occupancy and other11,985 1,107 13,092 
Selling, general and administrative16,390 44 16,434 
Depreciation, amortization and impairment7,844 19 7,863 
Total costs and expenses62,826 2,750 65,576 
Earnings before income taxes$6,432 $3 $6,435 
Second Quarter
2024
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$61,711 $2,764 $64,475 
Cost and expenses:
Cost of food11,457 900 12,357 
Labor costs12,078 914 12,992 
Occupancy and other12,330 556 12,886 
Selling, general and administrative13,544 121 13,665 
Depreciation, amortization and impairment6,793 17 6,810 
Total costs and expenses56,202 2,508 58,710 
Earnings before income taxes$5,509 $256 $5,765 

18
Note 16. Business Segment Reporting (continued)
First Six Months
2025
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$131,174 $5,186 $136,360 
Cost and expenses:
Cost of food24,853 1,778 26,631 
Labor costs26,215 1,245 27,460 
Occupancy and other24,466 1,813 26,279 
Selling, general and administrative31,805 83 31,888 
Depreciation, amortization and impairment14,315 38 14,353 
Total costs and expenses121,654 4,957 126,611 
Earnings before income taxes$9,520 $229 $9,749 

First Six Months
2024
Steak n ShakeWestern SizzlinTotal Restaurants
Revenue$121,065 $5,406 $126,471 
Cost and expenses:
Cost of food21,570 1,761 23,331 
Labor costs23,775 1,761 25,536 
Occupancy and other24,025 1,078 25,103 
Selling, general and administrative28,231 (125)28,106 
Depreciation, amortization and impairment13,718 34 13,752 
Total costs and expenses111,319 4,509 115,828 
Earnings before income taxes$9,746 $897 $10,643 

Insurance
Second Quarter
2025
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$9,098 $8,068 $17,166 $839 $818 $18,823 
Cost and expenses:
Insurance losses4,624 7,048 11,672 — — 11,672 
Underwriting expenses2,383 1,877 4,260 — — 4,260 
Other segment items— — — — 1,098 1,098 
Total costs and expenses7,007 8,925 15,932 — 1,098 17,030 
Earnings before income taxes$2,091 $(857)$1,234 $839 $(280)$1,793 

19
Note 16. Business Segment Reporting (continued)
Second Quarter
2024
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$9,494 $6,797 $16,291 $955 $448 $17,694 
Cost and expenses:
Insurance losses6,161 4,801 10,962 — — 10,962 
Underwriting expenses2,002 2,781 4,783 — — 4,783 
Other segment items— — — — 99 99 
Total costs and expenses8,163 7,582 15,745 — 99 15,844 
Earnings before income taxes$1,331 $(785)$546 $955 $349 $1,850 

First Six Months
2025
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$18,307 $16,624 $34,931 $1,676 $1,565 $38,172 
Cost and expenses:
Insurance losses10,906 12,771 23,677 — — 23,677 
Underwriting expenses4,095 5,212 9,307 — — 9,307 
Other segment items— — — — 1,858 1,858 
Total costs and expenses15,001 17,983 32,984 — 1,858 34,842 
Earnings before income taxes$3,306 $(1,359)$1,947 $1,676 $(293)$3,330 

First Six Months
2024
First GuardSouthern PioneerTotal UnderwritingInvestment IncomeOtherTotal Insurance
Revenue$18,804 $13,409 $32,213 $1,870 $1,344 $35,427 
Cost and expenses:
Insurance losses12,936 8,904 21,840 — — 21,840 
Underwriting expenses3,737 5,231 8,968 — — 8,968 
Other segment items— — — — 523 523 
Total costs and expenses16,673 14,135 30,808 — 523 31,331 
Earnings before income taxes$2,131 $(726)$1,405 $1,870 $821 $4,096 
Other segment items include general and administrative costs, depreciation, and other income.
20
Note 16. Business Segment Reporting (continued)
Oil and GasSecond Quarter
2025
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$4,161 $3,337 $7,498 
Cost and expenses:
Production costs2,095 785 2,880 
Depreciation, depletion and accretion1,777 1,334 3,111 
General and administrative716 468 1,184 
Total costs and expenses4,588 2,587 7,175 
Gains on sales of properties794 — 794 
Earnings before income taxes$367 $750 $1,117 
Second Quarter
2024
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$4,992 $3,679 $8,671 
Cost and expenses:
Production costs2,266 2,016 4,282 
Depreciation, depletion and accretion781 1,097 1,878 
General and administrative696 629 1,325 
Total costs and expenses3,743 3,742 7,485 
Gains on sales of properties16,165 — 16,165 
Earnings before income taxes$17,414 $(63)$17,351 

First Six Months
2025
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$10,051 $7,377 $17,428 
Cost and expenses:
Production costs4,541 2,385 6,926 
Depreciation, depletion and accretion3,710 2,657 6,367 
General and administrative1,365 1,122 2,487 
Total costs and expenses9,616 6,164 15,780 
Gains on sales of properties10,117 — 10,117 
Earnings before income taxes$10,552 $1,213 $11,765 

21
Note 16. Business Segment Reporting (continued)
First Six Months
2024
Abraxas PetroleumSouthern OilTotal
Oil and Gas
Revenue$10,860 $7,321 $18,181 
Cost and expenses:
Production costs5,085 3,696 8,781 
Depreciation, depletion and accretion2,328 2,342 4,670 
General and administrative1,292 1,267 2,559 
Total costs and expenses8,705 7,305 16,010 
Gains on sales of properties16,646 — 16,646 
Earnings before income taxes$18,801 $16 $18,817 

Brand LicensingMaxim
Second QuarterFirst Six Months
2025202420252024
Revenue$2,287 $301 $3,694 $513 
Cost and expenses:
Licensing and media cost2,421 523 4,072 1,026 
General and administrative33 33 76 96 
Depreciation and amortization100 — 170 — 
Total costs and expenses2,554 556 4,318 1,122 
Earnings before income taxes$(267)$(255)$(624)$(609)

Reconciliation of revenues and earnings (loss) before income taxes of our business segments to the consolidated amounts for each of the three months and six months ended June 30 follows.
Second Quarter
RevenuesEarnings (losses) before income taxes
2025202420252024
Total operating businesses$100,619 $91,141 $9,078 $24,711 
Investment partnership gains (losses)— — 58,504 (79,890)
Investment gains (losses)— — 2,925 (2,729)
Interest expenses not allocated to segments— — (852)(42)
Corporate and other— — (4,553)(4,965)
$100,619 $91,141 $65,102 $(62,915)
22
Note 16. Business Segment Reporting (continued)
First Six Months
RevenuesEarnings (losses) before income taxes
2025202420252024
Total operating businesses$195,654 $180,592 $24,220 $32,947 
Investment partnership gains (losses)— — 8,912 (57,905)
Investment gains (losses)— — 1,340 (1,016)
Interest expenses not allocated to segments— — (1,752)(42)
Corporate and other— — (8,801)(7,504)
$195,654 $180,592 $23,919 $(33,520)

23

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations 
(dollars in thousands except per share data)
Overview
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. Biglari Holdings is founded and led by Sardar Biglari, Chairman and Chief Executive Officer of the Company.

Biglari Holdings’ management system combines decentralized operations with centralized financial decision-making. Operating decisions for the various business units are made by their respective managers. All major investment and capital allocation decisions are made for the Company and its subsidiaries by Mr. Biglari.
As of June 30, 2025, Mr. Biglari beneficially owns shares of the Company that represent approximately 74.3% of the voting interest.
Net earnings (loss) are disaggregated in the table that follows. Amounts are recorded after deducting income taxes. 
 Second QuarterFirst Six Months
 2025202420252024
Operating businesses:  
Restaurant$4,555 $4,244 $6,744 $7,717 
Insurance1,399 1,454 2,600 3,192 
Oil and gas849 13,369 9,147 14,518 
Brand licensing(198)(193)(465)(458)
Interest expense(656)(32)(1,349)(32)
Total operating businesses5,949 18,842 16,677 24,937 
Goodwill impairment— (1,000)— (1,000)
Corporate and other(3,530)(3,125)(6,819)(5,121)
Investment partnership gains (losses)46,194 (60,748)6,768 (43,600)
Investment gains (losses)2,318 (2,159)1,030 (827)
Net earnings (loss)$50,931 $(48,190)$17,656 $(25,611)
24

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Restaurants
Our restaurant businesses, which include Steak n Shake and Western Sizzlin, comprise 449 company-operated and franchise restaurants as of June 30, 2025.
Steak n ShakeWestern Sizzlin
 Company-
operated		Franchise
Partner		Traditional
Franchise		Company-
operated		FranchiseTotal
Total stores as of December 31, 2024
146 173 107 3 29 458 
Corporate stores transitioned(2)2 — — — — 
Net restaurants opened (closed)(1)(1)(7)— — (9)
Total stores as of June 30, 2025
143 174 100 3 29 449 
Total stores as of December 31, 2023
148 181 128 3 32 492 
Corporate stores transitioned(1)1 — — — — 
Net restaurants opened (closed)(5)— (8)— (2)(15)
Total stores as of June 30, 2024
142 182 120 3 30 477 
As of June 30, 2025, ten of the 143 company-operated Steak n Shake stores were closed. Steak n Shake plans to sell or lease eight of the ten locations and refranchise the balance.


25

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Restaurant operations are summarized below.
Second QuarterFirst Six Months
2025202420252024
Revenue
Net sales$46,858 $40,815 $88,473 $79,550 
Franchise partner fees20,150 18,149 37,289 35,907 
Franchise royalties and fees3,128 3,615 6,617 7,092 
Other revenue1,875 1,896 3,981 3,922 
Total revenue72,011 64,475 136,360 126,471 
Restaurant cost of sales
Cost of food14,167 30.2 %12,357 30.3 %26,631 30.1 %23,331 29.3 %
Labor costs14,020 29.9 %12,992 31.8 %27,460 31.0 %25,536 32.1 %
Occupancy and other11,852 25.3 %11,537 28.3 %23,706 26.8 %22,440 28.2 %
Total cost of sales40,039 36,886 77,797 71,307 
Selling, general and administrative
General and administrative12,776 17.7 %13,016 20.2 %24,704 18.1 %24,746 19.6 %
Marketing4,865 6.8 %2,857 4.4 %8,097 5.9 %5,802 4.6 %
Other expenses (income) (1,207)(1.7)%(2,208)(3.4)%(913)(0.7)%(2,442)(1.9)%
Total selling, general and administrative16,434 22.8 %13,665 21.2 %31,888 23.4 %28,106 22.2 %
Impairments1,251 1.7 %— — %1,251 0.9 %107 0.1 %
Depreciation and amortization6,612 9.2 %6,810 10.6 %13,102 9.6 %13,645 10.8 %
Interest on finance leases and obligations1,240 1,349 2,573 2,663 
Earnings before income taxes6,435 5,765 9,749 10,643 
Income tax expense1,880 1,521 3,005 2,926 
Contribution to net earnings$4,555 $4,244 $6,744 $7,717 
Cost of food, labor costs, and occupancy and other costs are expressed as a percentage of net sales. 
General and administrative, marketing, other expenses, impairments, and depreciation are expressed as a percentage of total revenue.

Net sales for the second quarter and first six months of 2025 were $46,858 and $88,473, respectively, representing an increase of $6,043 or 14.8% and $8,923 or 11.2%, compared to the second quarter and first six months of 2024, respectively. The increase in net sales was primarily due to an increase in Steak n Shake’s same-store sales of 10.7% during the second quarter of 2025.

For company-operated units, sales to the end customer are recorded as revenue generated by the Company, but for franchise partner units, only our share of the restaurant’s profits, along with certain fees, are recorded as revenue. Because we derive most of our revenue from our share of the profits, revenue will decline as we transition from company-operated units to franchise partner units.

26

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Fees generated by our franchise partners were $20,150 during the second quarter of 2025, as compared to $18,149 during the second quarter of 2024. Franchise partner fees were $37,289 and $35,907 during the first six months of 2025 and 2024, respectively. Our share of franchise partner fees were higher despite fewer open units in 2025 compared to 2024. As of June 30, 2025 and June 30, 2024, there were 174 and 182 franchise partner units, respectively. Similar to company-operated units, the increase in franchise partner revenue is primarily due to an increase in revenue at the franchise partner units.
Included in franchise partner fees were $5,887 and $5,780 of rental income during the second quarter of 2025 and 2024, respectively, and $11,440 and $11,485 during the first six months of 2025 and 2024, respectively. Franchise partners rent buildings and equipment from Steak n Shake.
The franchise royalties and fees generated by the traditional franchising business were $3,128 during the second quarter of 2025, as compared to $3,615 during the second quarter of 2024. Franchise royalties and fees during the first six months of 2025 were $6,617 as compared to $7,092 during the first six months of 2024. There were 100 Steak n Shake traditional units open on June 30, 2025, as compared to 120 units open on June 30, 2024. The lower unit count was the primary reason for the decrease in franchise royalties and fees during 2025 compared to 2024.
The cost of food at company-operated units during the second quarter of 2025 was $14,167 or 30.2% of net sales, as compared to $12,357 or 30.3% of net sales during the second quarter of 2024. The cost of food at company-operated units during the first six months of 2025 was $26,631 or 30.1% of net sales, as compared to $23,331 or 29.3% of net sales during the first six months of 2024. The cost of food as a percentage of net sales was relatively flat during the second quarter of 2025 compared to 2024. The increase during the first six months of 2025 compared to 2024 was primarily due to improvements in the quality of various products.

The labor costs at company-operated restaurants during the second quarter of 2025 were $14,020 or 29.9% of net sales, as compared to $12,992 or 31.8% of net sales in the second quarter of 2024. Labor costs at company-operated restaurants during the first six months of 2025 were $27,460 or 31.0% of net sales, as compared to $25,536 or 32.1% of net sales in 2024. Labor costs expressed as a percentage of net sales decreased during 2025 compared to 2024 primarily due to a decrease in management labor.
General and administrative expenses during the second quarter of 2025 were $12,776 or 17.7% of total revenue, as compared to $13,016 or 20.2% of total revenue in the second quarter of 2024. General and administrative expenses during the first six months of 2025 were $24,704 or 18.1% of total revenue, as compared to $24,746 or 19.6% of total revenue in the first six months of 2024. General and administrative expenses decreased during 2025 compared to 2024 primarily due to a decrease in legal and professional fees.
Marketing expenses during the second quarter of 2025 were $4,865 or 6.8% of total revenue, as compared to $2,857 or 4.4% of total revenue in the second quarter of 2024. Marketing expenses during the first six months of 2025 were $8,097 or 5.9% of total revenue, as compared to $5,802 or 4.6% of total revenue in the first six months of 2024. Marketing expenses increased during 2025 compared to 2024 primarily due to promotions of new products and new methods of payments.
The Company recorded $1,251 of impairment charges in the second quarter of 2025 and $1,251 and $107 in the first six months of 2025 and 2024, respectively, related to underperforming stores.
Interest on obligations under leases was $2,573 during 2025 versus $2,663 during 2024.
Other income was $913 during 2025 versus $2,442 during 2024. During 2025, Steak n Shake sold one property for a gain of $1,100. During 2024, Western Sizzlin received a settlement of $450 and Steak n Shake sold three properties for a gain of $1,957.

27

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
To better convey the performance of the franchise partnership model, the table below shows the underlying sales, cost of food, labor costs, and other restaurant costs of the franchise partners. We believe the franchise partner information is useful to readers, as they have a direct effect on Steak n Shake’s profitability.
Second QuarterFirst Six Months
2025202420252024
Revenue
Net sales and other$89,856 $83,470 $170,173 $164,258 
Restaurant cost of sales
Cost of food$26,719 29.7 %$24,840 29.8 %$50,138 29.5 %$48,010 29.2 %
Labor costs23,256 25.9 %22,305 26.7 %44,746 26.3 %44,070 26.8 %
Occupancy and other17,937 20.0 %17,163 20.6 %34,602 20.3 %33,941 20.7 %
Total cost of sales$67,912 $64,308 $129,486 $126,021 

The Company’s consolidated financial statements do not include data in the table above. Figures are shown for information purposes only.
Insurance
We view our insurance businesses as possessing two activities: underwriting and investing. Underwriting decisions are the responsibility of the unit managers, whereas investing decisions are the responsibility of our Chairman and CEO, Sardar Biglari. Our business units are operated under separate local management. Biglari Holdings’ insurance operations consist of First Guard, Southern Pioneer, and Biglari Reinsurance.
Underwriting results of our insurance operations are summarized below.
Second QuarterFirst Six Months
2025202420252024
Underwriting gain attributable to:
First Guard$2,091 $1,331 $3,306 $2,131 
Southern Pioneer(857)(785)(1,359)(726)
Pre-tax underwriting gain1,234 546 1,947 1,405 
Income tax expense259 115 409 295 
Net underwriting gain$975 $431 $1,538 $1,110 

28

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Earnings of our insurance operations are summarized below.
Second QuarterFirst Six Months
2025202420252024
Premiums written$17,403 $16,848 $36,425 $33,375 
Premiums earned$17,166 $16,291 $34,931 $32,213 
Insurance losses11,672 10,962 23,677 21,840 
Underwriting expenses4,260 4,783 9,307 8,968 
Pre-tax underwriting gain1,234 546 1,947 1,405 
Other income and expenses 
Investment income839 955 1,676 1,870 
Other income (expenses)(280)349 (293)821 
Total other income559 1,304 1,383 2,691 
Earnings before income taxes1,793 1,850 3,330 4,096 
Income tax expense394 396 730 904 
Contribution to net earnings$1,399 $1,454 $2,600 $3,192 

Insurance premiums and other on the consolidated statement of earnings includes premiums earned, investment income, other income, and commissions.

First Guard

First Guard is a direct underwriter of commercial truck insurance, primarily selling physical damage and nontrucking liability insurance to truckers. First Guard’s insurance products are marketed primarily through direct response methods via the Internet or by telephone. First Guard’s cost-efficient direct response marketing methods enable it to be a low-cost insurer. A summary of First Guard’s underwriting results follows.
Second QuarterFirst Six Months
2025202420252024
Amount%Amount%Amount%Amount%
Premiums written$9,098 $9,494 $18,307 $18,804 
Premiums earned$9,098 100.0 %$9,494 100.0 %$18,307 100.0 %$18,804 100.0 %
Insurance losses4,624 50.8 %6,161 64.9 %10,906 59.6 %12,936 68.8 %
Underwriting expenses2,383 26.2 %2,002 21.1 %4,095 22.4 %3,737 19.9 %
Total losses and expenses7,007 77.0 %8,163 86.0 %15,001 82.0 %16,673 88.7 %
Pre-tax underwriting gain$2,091 $1,331 $3,306 $2,131 

First Guard produced an underwriting gain in the second quarter and first six months of 2025. Its underwriting gain increased $1,175 in the first six months of 2025 compared to 2024. It is the nature of the insurance industry to experience volatility in underwriting performance.


29

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Southern Pioneer

Southern Pioneer underwrites garage liability and commercial property insurance, as well as homeowners and dwelling fire insurance. A summary of Southern Pioneer’s underwriting results follows.

Second QuarterFirst Six Months
2025202420252024
Amount%Amount%Amount%Amount%
Premiums written$8,305 $7,354 $18,118 $14,571 
Premiums earned$8,068 100.0 %$6,797 100.0 %$16,624 100.0 %$13,409 100.0 %
Insurance losses7,048 87.4 %4,801 70.6 %12,771 76.8 %8,904 66.4 %
Underwriting expenses1,877 23.3 %2,781 40.9 %5,212 31.4 %5,231 39.0 %
Total losses and expenses8,925 110.7 %7,582 111.5 %17,983 108.2 %14,135 105.4 %
Pre-tax underwriting gain (loss)$(857)$(785)$(1,359)$(726)
Premiums earned increased $3,215 or 24.0% in the first six months of 2025 compared to 2024, primarily because of rate increases in its personal lines, e.g. homeowners insurance.
A summary of net investment income attributable to our insurance operations follows.

Second QuarterFirst Six Months
2025202420252024
Interest, dividends and other investment income:
First Guard$424 $533 $850 $1,103 
Southern Pioneer402 422 791 767 
Biglari Reinsurance13 — 35 — 
Pre-tax investment income839 955 1,676 1,870 
Income tax expense176 201 352 393 
Net investment income$663 $754 $1,324 $1,477 
We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.
30

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Oil and Gas
A summary of revenues and earnings of our oil and gas operations follows.
Second QuarterFirst Six Months
2025202420252024
Oil and gas revenues$7,498 $8,671 $17,428 $18,181 
Oil and gas production costs2,880 4,282 6,926 8,781 
Depreciation, depletion and accretion3,111 1,878 6,367 4,670 
General and administrative expenses1,184 1,325 2,487 2,559 
Total cost and expenses7,175 7,485 15,780 16,010 
Gain on sale of properties794 16,165 10,117 16,646 
Earnings before income taxes1,117 17,351 11,765 18,817 
Income tax expense268 3,982 2,618 4,299 
Contribution to net earnings$849 $13,369 $9,147 $14,518 
Our oil and gas business is highly dependent on oil and natural gas prices. We did not record any impairments to our oil and gas assets during 2025. However, we may be required to record impairments of our oil and gas properties resulting from prolonged declines in oil and gas prices. It is expected that the prices of oil and gas commodities will remain volatile, which will be reflected in our financial results.
Abraxas Petroleum
Abraxas Petroleum operates oil and gas properties in the Permian Basin. Earnings for Abraxas Petroleum are summarized below.
Second QuarterFirst Six Months
2025202420252024
Oil and gas revenues$4,161 $4,992 $10,051 $10,860 
Oil and gas production costs2,095 2,266 4,541 5,085 
Depreciation, depletion and accretion1,777 781 3,710 2,328 
General and administrative expenses716 696 1,365 1,292 
Total cost and expenses4,588 3,743 9,616 8,705 
Gain on sale of properties794 16,165 10,117 16,646 
Earnings before income taxes367 17,414 10,552 18,801 
Income tax expense88 4,013 2,468 4,332 
Contribution to net earnings $279 $13,401 $8,084 $14,469 

Abraxas Petroleum’s revenue remained consistent during the first six months of 2025 compared to 2024. Depletion increased in the first six months of 2025 compared to 2024 due to an increase in the depletion rate.

During the first six months of 2025, Abraxas Petroleum recorded a gain of $10,117 from selling undeveloped reserves to an unaffiliated party to conduct development activities; however, Abraxas Petroleum will not be required to fund any exploration expenditures on the undeveloped properties.
31

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Southern Oil
Southern Oil primarily operates oil and natural gas properties offshore in Louisiana state waters.  Earnings for Southern Oil are summarized below.
Second QuarterFirst Six Months
2025202420252024
Oil and gas revenues$3,337 $3,679 $7,377 $7,321 
Oil and gas production costs785 2,016 2,385 3,696 
Depreciation, depletion and accretion1,334 1,097 2,657 2,342 
General and administrative expenses468 629 1,122 1,267 
Total cost and expenses2,587 3,742 6,164 7,305 
Earnings (loss) before income taxes750 (63)1,213 16 
Income tax expense (benefit) 180 (31)150 (33)
Contribution to net earnings$570 $(32)$1,063 $49 

Southern Oil’s revenue remained consistent during the first six months of 2025 compared to 2024. Southern Oil repaired several nonperforming wells throughout 2024 which has increased production during 2025. However, the sales prices of crude oil were lower during 2025 compared to the same period of 2024 which offset any increase in revenue from Southern Oil’s production increases.
Brand Licensing
Maxim’s business lies principally in licensing and media. Earnings of operations are summarized below.
Second QuarterFirst Six Months
2025202420252024
Licensing and media revenue$2,287 $301 $3,694 $513 
Licensing and media costs2,421 523 4,072 1,026 
Depreciation and amortization100 — 170 — 
General and administrative expenses33 33 76 96 
Earnings (loss) before income taxes(267)(255)(624)(609)
Income tax expense (benefit)(69)(62)(159)(151)
Contribution to net earnings (loss)$(198)$(193)$(465)$(458)
Maxim’s revenue increased during the first half of 2025 as compared to the same period in 2024 due to the launch of various new digital contests.
Investment Gains and Investment Partnership Gains
Investment gains net of tax for the second quarter of 2025 were $2,318 as compared to investment losses net of tax for the second quarter of 2024 of $2,159. Investment gains net of tax for the first six months of 2025 were $1,030 as compared to investment losses net of tax for the first six months of 2024 of $827. Dividends earned on investments are reported as investment income by our insurance companies. We consider investment income as a component of our aggregate insurance operating results. However, we consider investment gains and losses, whether realized or unrealized, as non-operating.
32

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Earnings (loss) from our investments in partnerships are summarized below.
 Second QuarterFirst Six Months
 2025202420252024
Investment partnership gains (losses)$58,504 $(79,890)$8,912 $(57,905)
Tax expense (benefit)12,310 (19,142)2,144 (14,305)
Contribution to net earnings$46,194 $(60,748)$6,768 $(43,600)
Investment partnership gains include gains/losses from changes in market values of underlying investments and dividends earned by the partnerships.  Dividend income has a lower effective tax rate than income from capital gains. These gains and losses have caused and will continue to cause significant volatility in our periodic earnings.  
The investment partnerships hold the Company’s common stock as investments. The Company’s pro-rata share of its common stock held by the investment partnerships is recorded as treasury stock even though these shares are legally outstanding. Gains and losses on Company common stock included in the earnings of the partnerships are eliminated in the Company’s consolidated financial results.
Investment gains and losses in 2025 and 2024 were mainly derived from our investments in equity securities and included unrealized gains and losses from market price changes during the period. We believe that investment and derivative gains/losses are generally meaningless for analytical purposes in understanding our quarterly and annual results.
Interest Expense
The Company’s interest expense is summarized below.
 Second QuarterFirst Six Months
 2025202420252024
Interest expense on notes payable$852 $42 $1,752 $42 
Tax benefit196 10 403 10 
Interest expense net of tax$656 $32 $1,349 $32 
Corporate and Other
Corporate expenses exclude the activities of the restaurant, insurance, brand licensing, and oil and gas businesses. Corporate and other net losses during the second quarter and first six months of 2025 were $3,530 and $6,819, respectively, compared to $3,125 and $5,121 in the second quarter and first six months of 2024, respectively.
Income Taxes
Income tax expense for the second quarter of 2025 was $14,171 compared to income tax benefit of $14,725 for the second quarter of 2024. Income tax expense for the first six months of 2025 was $6,263 compared to income tax benefit of $7,909 for the first six months of 2024. The variance in income taxes between 2025 and 2024 is attributable to taxes on income generated by the investment partnerships. Investment partnership pre-tax gains were $58,504 during the second quarter of 2025 compared to pre-tax losses of $79,890 during the second quarter of 2024. Investment partnership pre-tax gains were $8,912 during the first six months of 2025 compared to pre-tax losses of $57,905 during the first six months of 2024.
33

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Financial Condition
Consolidated cash and investments are summarized below.
 June 30,
2025		December 31, 2024
Cash and cash equivalents$32,766 $30,709 
Investments104,541 102,975 
Fair value of interest in investment partnerships719,846 656,266 
Total cash and investments857,153 789,950 
Less: portion of Company stock held by investment partnerships(516,953)(454,539)
Carrying value of cash and investments on balance sheet$340,200 $335,411 
Unrealized gains/losses of Biglari Holdings’ stock held by the investment partnerships are eliminated in the Company’s consolidated financial results.
Liquidity
Our balance sheet continues to maintain significant liquidity.  Consolidated cash flow activities are summarized below.
 First Six Months
 20252024
Net cash provided by operating activities$57,942 $20,910 
Net cash used in investing activities(27,161)(19,586)
Net cash used in financing activities(28,778)(2,691)
Effect of exchange rate changes on cash42 (7)
Decrease in cash, cash equivalents and restricted cash$2,045 $(1,374)
In 2025, cash from operating activities increased by $37,032 as compared to 2024. The change was primarily attributable to $35,000 of distributions from investment partnerships during 2025.
Cash used in investing activities increased during 2025 by $7,575 as compared to 2024 primarily due to a reduction in proceeds from the sale of property and equipment.
Cash used in financing activities increased during 2025 by $26,087 as compared to 2024 primarily due to payments on the Company’s line of credit in 2025.
Biglari Holdings Lines of Credit
Biglari Holdings’ line of credit was amended on September 13, 2024, and the available line of credit was increased to $35,000. The line of credit matures on September 13, 2026. The line of credit includes customary covenants, as well as financial maintenance covenants. As of June 30, 2025, we were in compliance with all covenants. The balance on the line of credit was $19,000 and $35,000 on June 30, 2025 and December 31, 2024, respectively.

On November 8, 2024, Biglari Holdings entered into a line of credit in an aggregate principal amount of up to $75,000. The line of credit will be available on a revolving basis until November 7, 2027. The line of credit includes customary covenants as well as financial maintenance covenants. As of June 30, 2025, we were in compliance with all covenants. The balance on the line of credit was $10,000 on December 31, 2024. As of June 30, 2025, Biglari Holdings had no debt outstanding on its line of credit.
Western Sizzlin Revolver
Western Sizzlin’s available line of credit is $500. As of June 30, 2025 and December 31, 2024, Western Sizzlin had no debt outstanding on its revolver.
34

Critical Accounting Policies
Management’s discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Certain accounting policies require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized in our consolidated financial statements from such estimates are necessarily based on numerous assumptions involving varying and potentially significant degrees of judgment and uncertainty. Accordingly, the amounts currently reflected in our consolidated financial statements will likely increase or decrease in the future as additional information becomes available.  There have been no material changes to critical accounting policies previously disclosed in our annual report on Form 10-K for the year ended December 31, 2024.
Recently Issued Accounting Pronouncements
No recently issued accounting pronouncements were applicable for this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements
This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements include estimates of future revenues, cash flows, capital expenditures, or other financial items, and assumptions underlying any of the foregoing. Forward-looking statements reflect management’s current expectations regarding future events and use words such as “anticipate,” “believe,” “expect,” “may,” and other similar terminology. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Investors should not place undue reliance on the forward-looking statements, which speak only as of the date of this report. These forward-looking statements are all based on currently available operating, financial, and competitive information and are subject to various risks and uncertainties. Our actual future results and trends may differ materially depending on a variety of factors, many beyond our control, including, but not limited to, the risks and uncertainties described in Item 1A, Risk Factors of our annual report on Form 10-K and Item 1A of this report. We undertake no obligation to publicly update or revise them, except as may be required by law.
35

Item 3.     Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 4.     Controls and Procedures
Evaluation of our Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Our Chief Executive Officer and Principal Financial Officer have concluded that, as of June 30, 2025 our disclosure controls and procedures were not effective, due to material weaknesses in our internal control over financial reporting previously identified in Part II, Item 9A “Controls and Procedures” of our Annual Report on Form 10-K for the year ended December 31, 2024.

Management's Remediation Efforts

Our remediation efforts previously described in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to address the material weaknesses mentioned are ongoing as we continue to implement and document policies, procedures, and internal controls. While we believe the steps taken to date and those planned for future implementation will improve the effectiveness of our internal control over financial reporting, we have not completed all remediation efforts. The material weaknesses cannot be considered remediated until applicable controls have operated for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2025, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information in response to this Item is included in Note 13 to the Consolidated Financial Statements included in Part 1, Item 1 of this Form 10-Q and is incorporated herein by reference.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors as previously disclosed in Item 1A to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
36

ITEM 6. EXHIBITS
Exhibit NumberDescription
101Interactive Data Files.
104Cover page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)
_________________
*Furnished herewith.

37

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Biglari Holdings Inc.
Date: August 8, 2025By:
/s/ BRUCE LEWIS
Bruce Lewis
Controller

38

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