BH highlights discount to book value and strong Steak n Shake sales

Rhea-AI Filing Summary

Biglari Holdings Inc. (BH) reported that its affiliates may purchase additional shares of its Class A and/or Class B common stock. The company highlighted that, as of September 30, 2025, book value per Class A equivalent share was $2,244.26 and book value per Class B equivalent share was $448.85, while its stock currently trades at a discount to these per share book values.

The company also noted strong operating performance at its wholly owned subsidiary Steak n Shake Inc., which is currently achieving same-store sales growth in excess of 15% for its U.S. operations in the fourth quarter to date, across both company-operated and franchise partner-operated stores.

Positive

• Steak n Shake same-store sales growth above 15% in the fourth quarter to date for U.S. company-operated and franchise partner-operated stores indicates notably strong current operating performance.
• Shares trade below stated book value, with book value per Class A equivalent share of $2,244.26 and per Class B equivalent share of $448.85 as of September 30, 2025, while affiliates may purchase additional shares.

Negative

• None.

Insights

Equity valuation and restaurant sector analyst

BH highlights a discount to book value and >15% Steak n Shake comps.

Biglari Holdings points out that its shares trade below book value, citing book value per Class A equivalent share of $2,244.26 and per Class B equivalent share of $448.85 as of September 30, 2025. Management also discloses that affiliates may purchase additional Class A and/or Class B shares, which signals awareness of this valuation gap but does not commit to any specific transaction.

Operationally, the update that Steak n Shake’s U.S. same-store sales growth is in excess of 15% for the fourth quarter to date suggests strong current trading conditions across both company-operated and franchise partner-operated stores. This level of growth, if sustained, can meaningfully influence segment revenues and margins, though the filing does not provide profit figures.

The combination of strong disclosed same-store sales growth and trading below stated book value may be important for investors assessing how the restaurant operations relate to Biglari Holdings’ overall intrinsic value. Subsequent periodic reports covering the quarter that includes this period will show how the >15% same-store sales growth translates into revenue and earnings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 21, 2025

BIGLARI HOLDINGS INC.

(Exact Name of Registrant as Specified in Charter)

Indiana

001-38477

82-3784946

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

19100 Ridgewood Parkway,			Suite 1200
San Antonio,			Texas						78259
(Address of Principal Executive Offices)									(Zip Code)

Registrant’s telephone number, including area code: (210) 344-3400

Not Applicable

(Former Name or Former Address, if Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Class A common stock			BH.A			New York Stock Exchange
Class B common stock			BH			New York Stock Exchange
Class A common stock			BH.A			NYSE Texas, Inc.
Class B common stock			BH			NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 7.01.     Regulation FD Disclosure

Affiliates of Biglari Holdings may purchase additional shares of Class A and/or Class B common stock of the Company. At September 30, 2025, the Company’s book value per Class A equivalent share was $2,244.26. (Book value per Class B equivalent share was $448.85.) The Company’s stock currently sells at a discount to its per share book value.

Steak n Shake Inc., a wholly owned subsidiary of the Company, is currently achieving same-store sales growth in excess of 15% for its U.S. operations (company-operated and franchise partner-operated stores) for its fourth quarter to date.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

November 21, 2025			BIGLARI HOLDINGS INC.
			By:			/s/ Bruce Lewis
						Name:			Bruce Lewis
						Title:			Controller

FAQ

What did Biglari Holdings Inc. (BH) announce in this Form 8-K?

Biglari Holdings Inc. disclosed that affiliates of the company may purchase additional shares of its Class A and/or Class B common stock and highlighted that its stock is currently selling at a discount to its per share book value.

What is Biglari Holdings' book value per share as of September 30, 2025?

As of September 30, 2025, Biglari Holdings reported book value per Class A equivalent share of $2,244.26 and book value per Class B equivalent share of $448.85.

How is Steak n Shake, Biglari Holdings' subsidiary, currently performing?

Steak n Shake Inc., a wholly owned subsidiary of Biglari Holdings, is currently achieving same-store sales growth in excess of 15% for its U.S. operations in the fourth quarter to date, including both company-operated and franchise partner-operated stores.

What does it mean that BH stock trades at a discount to book value?

Trading at a discount to book value means Biglari Holdings' market price per share is below its reported book value per share, which the company quantified as $2,244.26 for Class A equivalent shares and $448.85 for Class B equivalent shares as of September 30, 2025.

Are Biglari Holdings or its affiliates required to buy more shares?

No, the disclosure states that affiliates of Biglari Holdings may purchase additional shares of Class A and/or Class B common stock, indicating a possibility but not a firm commitment.

Which stock exchanges list Biglari Holdings' common stock?

Biglari Holdings' Class A common stock trades under the symbol BH.A and its Class B common stock under BH on the New York Stock Exchange and on NYSE Texas, Inc..