BH Reports Q2 and Six-Month Results; Exhibit 99.1 Furnished

Rhea-AI Filing Summary

Biglari Holdings Inc. furnished a press release announcing its financial results for the second quarter and the first six months ended June 30, 2025. The press release is attached as Exhibit 99.1 and an interactive cover page is included as Exhibit 104. The company explicitly states the material is being furnished and not filed, which means it is not subject to Section 18 liabilities and will not be incorporated by reference into other filings unless the company expressly says so.

The current report does not include the numerical revenue, earnings, or other financial figures within its text; investors and analysts must review Exhibit 99.1 for detailed results and metrics.

Positive

• Press release announcing Q2 and six-month results attached as Exhibit 99.1
• Interactive cover page (Inline XBRL) provided as Exhibit 104

Negative

• The 8-K text does not include any financial figures or metrics
• Information is furnished, not filed, so it is not incorporated by reference into future filings unless expressly stated

Insights

Securities/Financial Analyst

TL;DR Routine earnings disclosure furnished; no numbers in the 8-K itself, so immediate market impact is limited until Exhibit 99.1 is reviewed.

The filing serves primarily as a formal notice that Biglari Holdings has released quarterly and six-month results; by furnishing rather than filing the press release, the company provides timely disclosure while limiting statutory filing liabilities. Because the 8-K text contains no financial metrics, the document alone offers little for valuation adjustments or trading decisions. Analysts will need to read Exhibit 99.1 to assess revenue, operating performance, and any forward-looking commentary.

Corporate Governance / Regulatory Analyst

TL;DR Procedural 8-K: Exhibit attached and explicitly furnished, which affects incorporation and liability treatment.

From a governance and compliance standpoint, the company followed standard disclosure practice by furnishing the press release and including an Inline XBRL cover page. The clear statement that the information is "furnished" and not "filed" is important because it limits the statutory liabilities associated with incorporation by reference. There are no indicators in this report of material corporate actions, executive changes, or disclosures beyond the earnings announcement itself.

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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): August 8, 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

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 2.02.     Results of Operations and Financial Condition.

On August 8, 2025, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its second quarter and first six months, which ended June 30, 2025. The Company’s press release is attached hereto as Exhibit 99.1 and the information set forth therein is incorporated herein by reference and constitutes a part of this report.

The information in this Current Report, including the exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Current Report, including the exhibit, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01.     Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release issued by the Company on August 8, 2025
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

August 8, 2025			BIGLARI HOLDINGS INC.
			By:			/s/ Bruce Lewis
						Name:			Bruce Lewis
						Title:			Controller

FAQ

What did Biglari Holdings (BH) disclose in this 8-K?

The company furnished a press release announcing financial results for the second quarter and the first six months ended June 30, 2025; the press release is attached as Exhibit 99.1.

Are the financial results (numbers) included in the 8-K filing for BH?

No. The 8-K states the press release is attached as Exhibit 99.1; the textual portion of this report does not include revenue, earnings, or other numerical metrics.

Is the information in this 8-K considered "filed" with the SEC?

No. The company explicitly states the information is being furnished and shall not be deemed filed for purposes of Section 18 of the Exchange Act.

Where can investors find the detailed financial figures for BH's Q2 2025 results?

Investors should review the press release attached as Exhibit 99.1 to this 8-K for complete financial figures and explanatory commentary.

What exhibits were included with this 8-K?

The filing lists Exhibit 99.1 (press release issued August 8, 2025) and Exhibit 104 (Cover Page Interactive Data File/Inline XBRL).