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BIGLARI HOLDINGS INC . NEWS RELEASE San Antonio , TX , August 7 , 2026 – Biglari Holdings Inc. ( NYSE : BH.A ; BH ) announces its results for the second quarter and first six months of 2026 . Biglari Holdings Inc.'s earnings for the second quarter and first six months of 2026 and 2025 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 ) Pre - tax operating earnings . Investment gains ( losses ) .. Income taxes ...... Net earnings ( loss ) .. Analysis of Results : Second Quarter 2026 2025 First Six Months 2026 2025 $ 6,274 $ 45,345 ( 11,693 ) 3,673 $ 61,429 ( 14,171 ) 2,133 $ 13,667 30,604 ( 7,342 ) 10,252 ( 6,263 ) $ 39,926 $ 50,931 $ 25,395 $ 17,656 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 second quarter of 2026 , Steak n Shake's same - store sales for domestic company - operated and franchise - partner- operated restaurants increased by 13.8 % . 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 . ***