BIGLARI HOLDINGS INC. NEWS RELEASE
Biglari Holdings (NYSE: BH.A; BH) has released its Q2 and H1 2025 financial results. The company reported Q2 2025 net earnings of $50.9 million, compared to a loss of $48.2 million in Q2 2024. The results were driven by investment gains of $61.4 million in Q2 2025, contrasting with losses of $82.6 million in the same period last year.
The company's restaurant chain, Steak n Shake, demonstrated strong performance with a 10.7% increase in same-store sales for both company-owned and franchise-partner locations during Q2 2025. Pre-tax operating earnings were $3.7 million in Q2 2025, down from $19.7 million in Q2 2024.
Biglari Holdings (NYSE: BH.A; BH) ha pubblicato i risultati finanziari del secondo trimestre e del primo semestre 2025. La societ脿 ha registrato un utile netto di $50,9 milioni nel Q2 2025, rispetto a una perdita di $48,2 milioni nel Q2 2024. I risultati sono stati sostenuti da utili da investimenti per $61,4 milioni nel Q2 2025, a fronte di perdite per $82,6 milioni nello stesso periodo dell'anno precedente.
La catena di ristoranti del gruppo, Steak n Shake, ha mostrato una performance solida con un aumento del 10,7% delle vendite a parit脿 di punti vendita sia nei locali di propriet脿 sia in quelli in franchising nel Q2 2025. L'utile operativo ante imposte 猫 stato di $3,7 milioni nel Q2 2025, in calo rispetto ai $19,7 milioni del Q2 2024.
Biglari Holdings (NYSE: BH.A; BH) ha publicado sus resultados del segundo trimestre y del primer semestre de 2025. La compa帽铆a registr贸 un beneficio neto de $50,9 millones en el Q2 de 2025, frente a una p茅rdida de $48,2 millones en el Q2 de 2024. El desempe帽o se vio impulsado por ganancias por inversiones de $61,4 millones en el Q2 de 2025, en contraste con p茅rdidas de $82,6 millones en el mismo periodo del a帽o anterior.
La cadena de restaurantes del grupo, Steak n Shake, mostr贸 un s贸lido rendimiento con un aumento del 10,7% en las ventas comparables tanto en establecimientos propiedad de la empresa como en franquiciados durante el Q2 de 2025. El beneficio operativo antes de impuestos fue de $3,7 millones en el Q2 de 2025, frente a $19,7 millones en el Q2 de 2024.
Biglari Holdings (NYSE: BH.A; BH)臧� 2025雲� 2攵勱赴 氚� 靸侂皹旮� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓電� 2025雲� 2攵勱赴 靾滌澊鞚� $50.9 million鞚� 旮半頄堨溂氅�, 鞚措姅 2024雲� 2攵勱赴鞚� $48.2 million 靻愳嫟瓿� 雽�牍勲惄雼堧嫟. 鞚措矆 鞁れ爜鞚� 2025雲� 2攵勱赴 $61.4 million鞚� 韴瀽鞚挫澋鞐� 鞚橅暣 瓴澑霅橃棃鞙茧┌, 鞝勲厔 霃欔赴鞐愲姅 $82.6 million鞚� 靻愳嫟鞚� 氚滌儩頄堨姷雼堧嫟.
須岇偓 靻岇湢 氚� 臧�毵轨爯 氇憪毳� 韽暔頃� 鞕胳嫕 敫岆灉霌� Steak n Shake電� 2025雲� 2攵勱赴鞐� 霃欖澕 鞝愴彫 毵れ稖鞚� 10.7% 歃濌皜頃橂┌ 臧曧暅 鞁れ爜鞚� 氤挫榾鞀惦媹雼�. 靹胳爠 鞓侅梾鞚挫澋鞚� 2025雲� 2攵勱赴 $3.7 million鞙茧, 2024雲� 2攵勱赴鞚� $19.7 million鞐愳劀 臧愳唽頄堨姷雼堧嫟.
Biglari Holdings (NYSE: BH.A; BH) a publi茅 ses r茅sultats du T2 et du 1er semestre 2025. Le groupe a enregistr茅 un b茅n茅fice net de 50,9 M$ au T2 2025, contre une perte de 48,2 M$ au T2 2024. Les r茅sultats ont 茅t茅 port茅s par des gains sur investissements de 61,4 M$ au T2 2025, contre des pertes de 82,6 M$ 脿 la m锚me p茅riode l'an dernier.
La cha卯ne de restaurants du groupe, Steak n Shake, a affich茅 de bonnes performances avec une hausse de 10,7 % des ventes 脿 p茅rim猫tre comparable pour les 茅tablissements d茅tenus et franchis茅s au T2 2025. Le r茅sultat d'exploitation avant imp么ts s'est 茅lev茅 脿 3,7 M$ au T2 2025, en baisse par rapport 脿 19,7 M$ au T2 2024.
Biglari Holdings (NYSE: BH.A; BH) hat seine Zahlen f眉r das zweite Quartal und das erste Halbjahr 2025 vorgelegt. Das Unternehmen meldete ein Nettoergebnis von $50,9 Millionen im Q2 2025, nach einem Verlust von $48,2 Millionen im Q2 2024. Ma脽geblich waren dabei Investitionsertr盲ge in H枚he von $61,4 Millionen im Q2 2025, w盲hrend im gleichen Zeitraum des Vorjahres Verluste von $82,6 Millionen angefallen waren.
Die Restaurantkette des Konzerns, Steak n Shake, verzeichnete eine starke Entwicklung mit einem gleichladigen Umsatzanstieg von 10,7% sowohl in eigenen als auch in Franchise-Betrieben im Q2 2025. Das operative Ergebnis vor Steuern lag im Q2 2025 bei $3,7 Millionen, nach $19,7 Millionen im Q2 2024.
- None.
- Pre-tax operating earnings declined to $3.7M in Q2 2025 from $19.7M in Q2 2024
- Operating business performance weakened despite investment gains
Biglari Holdings Inc.'s earnings for the second quarter and first six months of 2025 and 2024 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at .听
(dollars in thousands) | |||||||
Second Quarter | First Six Months | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Pre-tax operating earnings | $听听听听听听听 3,673 | $听听听听听 19,704 | $听听听听听 13,667 | $听听听听听 25,401 | |||
Investment gains (losses) | 61,429 | (82,619) | 10,252 | (58,921) | |||
Income taxes | (14,171) | 14,725 | (6,263) | 7,909 | |||
Net earnings (loss) | $听听听听听 50,931 | $听听听听 (48,190) | $听听听听听 17,656 | $听听听听 (25,611) | |||
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Analysis of Results:
In the second quarter of 2025, Steak n Shake's same-store sales for company and franchise-partner restaurants each increased by
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.
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.
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SOURCE Biglari Holdings Inc.
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