A mini-Berkshire Hathaway, operating a diverse group of businesses including Steak 'n Shake restaurants, insurance, and oil & gas.

• Restaurant Operations and Franchising: Biglari Holdings operates and franchises quick-service and casual dining restaurants, primarily under the Steak n Shake and Western Sizzlin names.
• Commercial Trucking Insurance: The company underwrites commercial trucking insurance policies.
• Specialty Trucker Insurance: It sells physical damage and non-trucking liability insurance tailored for truckers.
• Property and Casualty Insurance: Biglari Holdings provides various forms of property and casualty insurance.
• Oil and Natural Gas Exploration: The company operates oil and natural gas properties located in the Gulf of Mexico.
• Magazine Publishing: It publishes and sells magazines and related products under the MAXIM brand name.
• Media Licensing: Biglari Holdings engages in licensing media products and services.
• Investment Activities: The company actively engages in diverse investment activities.

Biglari Holdings Inc. (BH) primarily serves individual customers across several of its diverse business segments. Based on the provided company description, its major customer categories are:

• Restaurant Patrons: Individuals who frequent and purchase meals and beverages from Biglari's company-operated and franchised Steak n Shake and Western Sizzlin restaurants.
• Magazine Readers: Individuals who purchase or subscribe to MAXIM brand magazines and related publishing products.
• Insurance Policyholders: Individuals, such as independent truckers purchasing physical damage and non-trucking liability insurance, and other individuals securing property and casualty insurance.

Sardar Biglari, Chairman and Chief Executive Officer

Born in Iran in 1977, Sardar Biglari immigrated to the United States in 1984. At 18, he founded INTX.net, an internet service provider, which he later sold to Internet America in 1999. Subsequently, he established an investment partnership that evolved into Biglari Capital, serving as the general partner for The Lion Fund. Biglari became Chairman and CEO of Western Sizzlin Corp. in 2006. In 2008, he took control of Steak 'n Shake, successfully transforming the restaurant chain from significant daily losses to profitability by 2011, which formed the foundation for Biglari Holdings Inc. He also profitably sold Friendly Ice Cream to a private equity firm in 2008. Biglari maintains control of Biglari Holdings Inc. through his beneficial ownership of a majority of the company's outstanding shares.

Philip L. Cooley, Vice Chairman

Philip L. Cooley has served as a director of Biglari Holdings Inc. since 2008 and as Vice Chairman of the Board since 2009. He was the Prassel Distinguished Professor of Business at Trinity University in San Antonio, Texas, from 1985 until his retirement in May 2012. Cooley also served as an advisory director of Biglari Capital Corp. since 2000. Notably, he was Sardar Biglari's professor at Trinity University, where Biglari assisted in managing a portion of the university's endowment under Cooley's guidance, later becoming Biglari's business partner. Before his current role, Cooley was the Vice Chairman of Western Sizzlin Corp. until its acquisition by Biglari Holdings in 2010.

Bruce Lewis, Controller, Principal Accounting Officer and Principal Financial Officer

Bruce Lewis joined Biglari Holdings Inc. in January 2012 as Controller. He also holds the titles of Principal Accounting Officer and Principal Financial Officer for the company. In his role, Lewis is responsible for signing SEC filings and SOX certifications, underscoring his accountability for the company's financial reporting and internal controls. Prior to joining Biglari Holdings, he served as CEO, CFO, CAO, Senior Vice President & Controller at Blockbuster, Inc. from 2001 to 2011, and as Chief Accounting Officer & Controller at OBH, Inc. in 2012.

Key Risks for Biglari Holdings Inc. (BH)

1. Challenges and Competitive Pressures in the Restaurant Industry: As Biglari Holdings Inc. primarily operates and franchises restaurants under the Steak n Shake and Western Sizzlin names, the company is highly susceptible to intense competition, changing consumer preferences, operational difficulties, and fluctuating food and labor costs. Maintaining brand relevance, managing franchise relationships, and executing successful turnaround strategies for its key restaurant brands, particularly Steak n Shake, are critical for its financial performance.

2. Volatility in Oil and Natural Gas Prices: The company's operation of oil and natural gas properties in the Gulf of Mexico exposes it to significant risks associated with the highly volatile prices of these commodities. Fluctuations in oil and natural gas prices can directly impact the revenue and profitability generated from this segment of the business.

3. Underwriting and Catastrophic Risk in the Insurance Business: Biglari Holdings Inc. engages in underwriting commercial trucking insurance, selling physical damage and non-trucking liability insurance, and providing property and casualty insurance. This segment faces inherent risks from potential underwriting losses due to inaccurate risk assessment and the possibility of significant payouts resulting from large-scale accidents or catastrophic events.

• The rapid proliferation and increasing consumer adoption of "ghost kitchens" and virtual restaurant brands, which operate with significantly lower overhead costs by focusing solely on delivery, pose a direct threat to the traditional dine-in and takeout restaurant models of Steak n Shake and Western Sizzlin.
• The emergence and growth of "Insurtech" companies leveraging advanced data analytics, artificial intelligence, and telematics to offer more personalized, efficient, and potentially lower-cost commercial trucking and property and casualty insurance policies. These technologically advanced competitors can disrupt traditional underwriting and sales processes.
• The accelerating global transition to renewable energy sources and electric vehicles, driven by technological advancements, decreasing costs, and increasing regulatory pressure, poses a clear threat to the long-term demand and profitability of oil and natural gas properties.
• The continued and accelerating shift of audience engagement and advertising revenue to digital-first platforms, including social media, video streaming services, and the "creator economy," drawing away readership and advertising dollars from traditional magazine brands like MAXIM.

Biglari Holdings Inc. (BH) operates in diverse sectors, each with its own addressable market. The addressable markets for Biglari's main products and services are detailed below:

Restaurant Operations and Franchising (Steak n Shake and Western Sizzlin)

• The U.S. fast-casual restaurant market is a significant addressable market for Biglari's restaurant brands. This market was valued at $191 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 6.6–13.7% through 2029. Another estimate for the U.S. fast-casual restaurant market projected it to reach a value of USD 115.5 billion by 2026. The U.S. fast-casual restaurant market size is also expected to hit $121.3 billion by 2032. The U.S. fast-casual restaurant industry was valued at $47 billion in 2021.
• More broadly, the United States restaurant industry was projected at $899 billion in sales for 2020. For full-service restaurants in the United States, the market size was valued at USD 362.15 billion in 2025 and is estimated to grow to USD 685.11 billion by 2031, at a CAGR of 11.07% during the forecast period (2026-2031).

Commercial Trucking Insurance

• The commercial truck insurance market, where Biglari underwrites and sells physical damage and non-trucking liability insurance, is substantial. The global commercial truck insurance market size is forecasted to reach USD 341.03 billion by 2035 from USD 166.99 billion in 2026, with a CAGR of 8.26%.
• Specifically for the U.S., the commercial truck insurance market was valued at USD 43.85 billion in 2024 and is projected to reach USD 78.87 billion by 2031, growing at a CAGR of 8.40%. The broader commercial auto insurance market in the U.S. was valued at USD 52.8 billion in 2023 and is estimated to grow at a CAGR of over 6% between 2024 and 2032. The overall United States commercial insurance market reached USD 294.6 billion in 2024 and is expected to reach USD 489.1 billion by 2033.

Oil and Natural Gas Properties (Gulf of Mexico)

• Biglari's operations in oil and natural gas properties are concentrated in the Gulf of Mexico. The Gulf of Mexico Oil and Natural Gas Market size was valued at USD 52.20 billion in 2024 and is projected to reach USD 73.67 billion by 2032, growing at a CAGR of 4.4% from 2026 to 2032.
• Crude oil production in the Federal Offshore Gulf of Mexico is forecast to average 1.80 million barrels per day (bpd) in 2025 and 1.81 million bpd in 2026. Combined Gulf of Mexico Outer Continental Shelf (OCS) oil and natural gas production is projected to average around 2.5 million barrels of oil equivalent per day over the 2020 to 2040 forecast period.

Publishing and Selling Magazines (MAXIM brand name)

• For its MAXIM brand, Biglari participates in the magazine publishing market. The U.S. magazine publishing industry comprises approximately 5,300 establishments with a combined annual revenue of about $27 billion.
• Globally, the magazine publishing market size was valued at USD 88.6 billion in 2025 and is projected to reach USD 106.3 billion by 2033, growing at a CAGR of 2.3%. Another source projects the global market to grow from USD 81.5 billion in 2024 to USD 144.5 billion by 2035, at a CAGR of 5.34%. The United States remains the single largest national market, with over 7,000 active magazine titles published annually.

1. Continued same-store sales growth at Steak n Shake: The company has been focusing on enhancing its menu with premium ingredients, such as grass-fed Steakburgers and fries cooked in beef tallow, alongside a shift to a more efficient counter-service model and targeted marketing. This strategy has resulted in strong same-store sales increases, with 10.2% growth in 2025 and 6.4% in 2024 for company-operated units, and 10.1% for franchise partner same-store sales in 2025.
2. Expansion of the Steak n Shake franchise partner model: Biglari Holdings is actively converting company-operated Steak n Shake restaurants to a franchise partner model. This program, which requires a relatively low initial investment from operators, aims to increase franchise fee income and streamline operations. As of December 31, 2025, there were 179 franchise partner units, an increase from the previous year.
3. Technological and convenience innovations at Steak n Shake: The company is exploring new ways to attract customers and modernize its brand. Initiatives include testing a "retro-futuristic aesthetic" in some restaurants that features Tesla Supercharger stations, exploring robotics and robotaxis, and being one of the first national restaurants to accept Bitcoin payments. These innovations are designed to enhance the customer experience and cater to evolving consumer preferences.
4. Growth and improved underwriting performance in insurance operations: Biglari Holdings' insurance segment, comprising First Guard and Southern Pioneer, has been positioned for growth with improving scale and underwriting gains. Insurance premiums earned increased to $70.147 million in 2025, accompanied by an underwriting profit of $7.210 million and an improved combined ratio. The segment also received an AM Best A (excellent) rating in 2025, indicating strengthened capitalization and safety.

Outbound Investments

• Biglari Holdings Inc. makes significant outbound investments through its private investment funds, The Lion Fund, L.P., and The Lion Fund II, L.P.
• As of December 31, 2025, the fair value of these investment partnerships was $772.6 million. Total investments (cash, marketable securities, and investments in The Lion Fund) reached $1.1 billion at fair value, representing a 52.1% increase over the previous year.
• The Lion Fund's equity positions as of year-end 2025 included a $202.3 million holding in Ferrari.

Capital Expenditures

• Biglari Holdings Inc. reported capital expenditures of $16 million in 2021, $13 million in 2022, and $13 million in 2023.
• In 2024, capital expenditures for the company were $7.03 million.
• For the first nine months of 2025, the company reported net cash used in investing activities of $36.2 million, which includes capital expenditures.