Biglari Holdings Inc. Reports Second Quarter and First Six Months of 2024 Results

San Antonio, Texas, Aug. 9, 2024 /PRNewswire/ — Biglari Holdings Inc. (NYSE: BH.A; BH) reports second quarter and first six months of 2024 results.

The following summarizes Biglari Holdings Inc.’s earnings for the second quarter and the first six months of 2024 and 2023. To fully understand our results, shareholders should carefully review our 10-Q report, which is published on www.biglariholdings.com.

(dollars in thousands)
	Second quarter		The first six months
	2024	2023	2024	2023

Operating profit before tax	$19,704	$10,037	$25,401	$19,086
Investment gains (losses)	(82,619)	(7,143)	(58 921)	69 083
Income taxes and income attributable to non-controlling interests	14 725	(958)	7,909	(21,347)
Net profit (loss) attributable to shareholders of Biglari Holdings	(48 190)	$1,936	(25 611)	$66,822

Analysis of results:

Investments affect our reported quarterly earnings based on their carrying value. We do not believe that quarterly or annual fluctuations in our investments are material. Therefore, it is best to analyze our operating businesses before the impact of investment earnings. Accordingly, in the previous table, we separate the earnings of our operating businesses from investment earnings.

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company that owns subsidiaries operating in a variety of sectors, including property and casualty insurance, licensing and media, food service, and oil and gas.

Commentary on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentation of net income, Biglari Holdings defines pre-tax operating income outside of the Company’s investment gains/losses.

Risks Related to Forward-Looking Statements

This press release may contain “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 materially from those projected or discussed herein. Biglari Holdings cautions readers not to place undue reliance on such forward-looking statements because actual results could differ materially from expectations. Biglari Holdings does not publicly update or revise any forward-looking statements, even if experience or future developments clearly indicate 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.

SOURCE Biglari Holdings Inc.