Biglari Holdings Inc. News Release

Rhea-AI Summary

Biglari Holdings (NYSE: BH) reported third-quarter and first nine months 2025 results. Key third-quarter figures: pre-tax operating earnings $6,854k, investment losses $(14,406)k, income taxes $2,261k, and net loss $(5,291)k versus net earnings $32,125k in Q3 2024.

First nine months 2025: pre-tax operating earnings $20,521k, investment losses $(4,154)k, and net earnings $12,365k (vs $6,514k in 2024). Steak n Shake same-store sales rose 15.0% in Q3. Book value per Class A equivalent share was $2,244.26 at September 30, 2025. The company posted its 10-Q online for full details.

Positive

• Pre-tax operating earnings of $6,854k in Q3 2025
• First nine months net earnings of $12,365k
• Steak n Shake same-store sales increased 15.0% in Q3 2025
• Book value per Class A equivalent share of $2,244.26 at Sept 30, 2025

Negative

• Q3 2025 reported investment losses of $(14,406)k
• Q3 2025 resulted in a net loss of $(5,291)k versus prior-year profit

San Antonio, TX, Nov. 7, 2025 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the third quarter and first nine months of 2025.

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

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

Analysis of Results:

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

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

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

View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-302609058.html

SOURCE Biglari Holdings Inc.

FAQ

What were Biglari Holdings (BH) third-quarter 2025 net earnings?

Biglari reported a Q3 2025 net loss of $(5,291)k.

Why did Biglari Holdings (BH) report a Q3 2025 net loss?

The Q3 net loss reflects $14,406k investment losses offsetting operating earnings.

How did Steak n Shake perform in Q3 2025 for Biglari Holdings (BH)?

Steak n Shake same-store sales rose by 15.0% for Q3 2025.

What is Biglari Holdings (BH) book value per Class A equivalent share at Sept 30, 2025?

Book value per Class A equivalent share was $2,244.26 at September 30, 2025.

What were Biglari Holdings (BH) first nine months 2025 net earnings?

Biglari reported $12,365k net earnings for the first nine months of 2025.

Where can investors find Biglari Holdings (BH) full Q3 2025 financials?

Investors can review the companys 10-Q posted on biglariholdings.com for full details.