Results of Operations and Financial Condition. On August 7, 2026 , 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, 2026. 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…

Results of Operations and Financial Condition. On May 8, 2026 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 2026. 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…

Results of Operations and Financial Condition. On February 28, 2026 , Biglari Holdings Inc. (the “Company”) issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2025. A copy of the press release is furnished with this report as an exhibit to this Form 8-K. 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 A…

Results of Operations and Financial Condition. On November 7, 2025 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter and first nine months, which ended September 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…

Entry into a Material Definitive Agreement On September 30, 2025, Steak n Shake Inc., a subsidiary of Biglari Holdings, obtained a loan of $225,000,000. Proceeds from the loan were distributed to Biglari Holdings. The term of the loan is five years, with an interest rate fixed at 8.80% per annum, and the loan will be amortized at a rate of 3.0% per annum. The debt is an obligation of Steak n Shake. The above description of the loan agreement is a summary and is qualified in its entirety by re…

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. October 6, 2025 BIGLARI HOLDINGS INC. By: /s/ Bruce Lewis Name: Bruce Lewis Title: Controller

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…

Results of Operations and Financial Condition. On May 9, 2025 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 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…

Results of Operations and Financial Condition. On March 1, 2025, Biglari Holdings Inc. (the “Company”) issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2024. A copy of the press release is furnished with this report as an exhibit to this Form 8-K. 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…

Results of Operations and Financial Condition. On November 8, 2024 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter and first nine months, which ended September 30, 2024. 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…

Results of Operations and Financial Condition. On August 9, 2024 , 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, 2024. 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…

Results of Operations and Financial Condition. On May 10, 2024 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 2024. 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…

Results of Operations and Financial Condition. On February 24, 2024, Biglari Holdings Inc. (the “Company”) issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2023. A copy of the press release is furnished with this report as an exhibit to this Form 8-K. 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 Ac…

Results of Operations and Financial Condition. On November 3, 2023 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter and first nine months, which ended September 30, 2023. 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…

Results of Operations and Financial Condition. On August 4, 2023 , 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, 2023. 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…

Results of Operations and Financial Condition. On May 5, 2023 , Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 2023. 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…

Results of Operations and Financial Condition. On February 25, 2023, Biglari Holdings Inc. (the “Company”) issued a press release announcing the Company’s earnings for the fourth quarter and year ended December 31, 2022. A copy of the press release is furnished with this report as an exhibit to this Form 8-K. 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 Ac…

Results of Operations and Financial Condition. On November 4, 2022, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter, which ended September 30, 2022. 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 sh…

Completion of Acquisition or Disposition of Assets. On September 14, 2022, Biglari Holdings Inc. (the “Company”) completed the purchase of 685,505 shares of Series A Preferred Stock (the “Preferred Shares”) of Abraxas Petroleum Corporation (“Abraxas”) for a purchase price of $80 million. The Preferred Shares were purchased pursuant to a Preferred Stock Purchase Agreement between the Company and AG Energy Funding, LLC. The Company’s ownership of the Preferred Shares results in its beneficial o…

Results of Operations and Financial Condition. On August 5, 2022, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its second quarter, which ended June 30, 2022. 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 no…

Results of Operations and Financial Condition. On May 6, 2022, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its first quarter, which ended March 31, 2022. 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 b…

Results of Operations and Financial Condition. On November 5, 2021, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its third quarter, which ended September 30, 2021. 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 sh…

Results of Operations and Financial Condition. On August 6, 2021, Biglari Holdings Inc. (the “Company”) issued a press release announcing its financial results for its second quarter, which ended June 30, 2021. 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 no…