• Biglari Holdings posted a first-quarter net loss of $14.53 million, narrowing from a $33.28 million loss a year earlier.
• Operating businesses swung to a net loss of $2.88 million from net earnings of $7.44 million, as interest expense net of tax widened to $4.28 million from $693,000.
• Investment partnership losses narrowed to $10.25 million from $39.43 million, while investment losses edged to $1.4 million from $1.29 million.
• Restaurant contribution to net earnings slipped to $2.04 million from $2.19 million, while insurance rose to $2.89 million from $1.2 million.
• Oil and gas earnings fell to $907,000 from $8.3 million, while brand licensing swung to earnings of $116,000 from a loss of $267,000.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Biglari Holdings Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001628280-26-032880), on May 08, 2026, and is solely responsible for the information contained therein.