Biglari Holdings reports Steak 'n Shake same-store sales growth >15% in Q4 to date; book value $2,244.26/share

Biglari Holdings Inc.

Book value per Class A equivalent share $2,244.26 as of Sep 30, 2025 (Class B $448.85).
Stock trades at a discount to book value; affiliates may purchase additional shares.
Steak n Shake U.S. same-store sales growth exceeds 15% for fourth quarter to date (company-operated and franchise-partner stores).

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