Biglari Holdings Inc. (NYSE: BH)

Biglari Holdings Inc. operates as a diversified holding company with subsidiaries engaged in property and casualty insurance and reinsurance, licensing and media, restaurants, and oil and gas. The company's operations span multiple industries, with a significant focus on restaurant franchising and operating, insurance underwriting, and oil and gas exploration. Biglari Holdings is led by Sardar Biglari, who serves as Chairman and Chief Executive Officer, guiding the company's strategic direction and investment decisions.

The company generates revenue through various channels, including franchise fees, insurance premiums, and oil and gas production. Its primary products and services encompass restaurant franchising, insurance underwriting, and oil and gas exploration and production. The customer base is diverse, ranging from individual restaurant patrons to commercial truck operators, insurance policyholders, and oil and gas consumers. The company's decentralized operations allow for localized management decisions, while centralized financial decision-making ensures strategic alignment and capital allocation.

• Restaurant Operations: Biglari Holdings' restaurant operations are conducted through Steak n Shake Inc. and Western Sizzlin Corporation, with a combined total of 435 units. Steak n Shake, founded in 1934, offers classic American fare including Steakburgers, beef tallow fries, and milkshakes. As of December 31, 2025, Steak n Shake operated 131 company-owned restaurants, 179 franchise partner units, and 94 traditional franchise units. Western Sizzlin, established in 1962, provides steak and buffet concepts, along with other American menu items. Western Sizzlin had 3 company-operated restaurants and 28 franchise units. The company's restaurant operations cater to a broad customer base seeking affordable and convenient dining options.

• Property and Casualty Insurance and Reinsurance: This segment includes subsidiaries such as First Guard Insurance Company, Southern Pioneer Property & Casualty Insurance Company, and Biglari Reinsurance Ltd. First Guard specializes in commercial truck insurance, offering physical damage and non-trucking liability coverage. Southern Pioneer underwrites garage liability, commercial property, homeowners, and dwelling fire insurance. Biglari Reinsurance Ltd. operates from Bermuda, providing reinsurance services. These subsidiaries serve a diverse range of customers, including truckers, commercial property owners, and homeowners.

• Oil and Gas Business: The company's oil and gas operations are managed through Southern Oil Company and Abraxas Petroleum Corporation. Southern Oil focuses on offshore oil and natural gas properties in Louisiana state waters, while Abraxas Petroleum operates wells in the Permian Basin. This segment caters to the energy sector, supplying oil and natural gas to various industries and consumers.

• Brand Licensing Business: Maxim, a subsidiary of Biglari Holdings, is primarily involved in brand licensing. Maxim's products are marketed under various registered brand names, targeting consumers interested in licensed merchandise and media.

Biglari Holdings operates in highly competitive industries. In the restaurant sector, it competes with national, regional, and local establishments, vying for customers based on price, convenience, service, and product quality. The insurance industry is characterized by intense competition from large, well-capitalized companies and regional insurers. The oil and gas sector is a commodity business, with competition from fully integrated global petroleum companies and independent operators. Despite these challenges, Biglari Holdings leverages its decentralized management structure, centralized financial decision-making, and strong brand recognition to maintain a competitive edge.

The company's customer base is broad and diverse, encompassing individual consumers, commercial truck operators, insurance policyholders, and energy sector clients. While specific customer names are not disclosed, the general customer base includes a wide range of individuals and businesses that benefit from the company's various products and services. Biglari Holdings' ability to cater to such a diverse customer base underscores its strategic positioning and operational flexibility.