Glass Lewis Cites "Exceptionally Poor" Performance and "Muted Commitment to Tangible Culpability" in Recommending AGAINST Goebel Egan-Jones Recommends AGAINST the Election of David Goebel, Stating "Urgent Change at the Board Level Is Warranted" Glass Lewis and Egan-Jones Analyses Support Biglari Capital's Thesis ISS Stands Alone in Defending the Status Quo Despite Catastrophic Value Destruction, a Failed Del Taco Acquisition, and Unaddressed Deep-Rooted Governance Concerns SAN ANTONIO, Feb. 17, 2026 /PRNewswire/ -- Biglari Capital Corp. ("Biglari Capital"), the largest shareholder of Jack in the Box Inc. (NasdaqGS: JACK), with a 9.86% ownership stake, today issued the following statement regarding the recommendations of leading independent proxy advisory firms Glass Lewis and Egan-Jones and the flawed conclusion reached by Institutional Shareholder Services ("ISS") in its proxy research report. Glass Lewis and Egan-Jones Agree: Chairman Goebel Should Not Be Re–Elected Glass Lewis, one of the world's leading independent proxy advisory firms, has recommended that shareholders vote AGAINST Chairman David Goebel, explicitly citing "material performance and governance concerns.

SAN ANTONIO, Feb. 10, 2026 /PRNewswire/ -- Biglari Capital Corp. today announced that it has sent a letter to shareholders of Jack in the Box Inc. (NASDAQ: JACK). The full text of Biglari Capital's February 9, 2026 letter is available www.saratogaproxy.com/JACK Your vote is important, no matter how many or how few shares of common stock you own.

Steak 'n Shake announces $1,000 Trump Accounts contribution for employees' children born between 2025 and 2028. The Indianapolis chain joins companies supporting President Trump's initiative.

The CEO of Biglari Holdings Inc. purchased 2,221 shares across three transactions for a total value of $705,671.28. The transaction impacted 0.17% of Biglari Holdings' aggregate indirect holdings, leaving direct ownership unchanged at one share post-transaction.

AXQ Capital LP acquired a new position in Biglari Holdings Inc. (NYSE: BH) in the undefined quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 852 shares of the restaurant operator's stock, valued at approximately $249,000. A number of other institutional investors also recently

Egan-Jones Recommends Cracker Barrel Shareholders Vote AGAINST the Election of CEO Julie Masino, Chairman Carl Berquist, and Directors Gilbert Dávila, t, Gisel Ruiz and Darryl Wade Egan-Jones Recognizes Urgent Need for Leadership Change Given Cracker Barrel's Lagging TSR, Financial Underperformance, Operational Challenges, and Management and Strategy Execution Failures The Proxy Advisor Warns that Cracker Barrel Faces a Classic "Death Spiral" Emphasizing that Time is of the Essence to Reverse Course Biglari Capital Urges Shareholders to Join Its Efforts in Voting AGAINST the Election of Certain Cracker Barrel Directors on the GOLD proxy card at the Upcoming Annual Meeting SAN ANTONIO , Nov. 7, 2025 /PRNewswire/ -- Biglari Capital Corp. (together with its affiliates, "Biglari Capital") today announced that independent proxy advisory firm, Egan-Jones Ratings Company ("Egan-Jones"), has recommended that stockholders vote AGAINST the election of five incumbent nominees of Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (NASDAQ: CBRL ) at the Company's upcoming annual meeting of shareholders, scheduled to be held on November 20, 2025 (the "Annual Meeting").  In its report, Egan-Jones* (emphasis added): Highlighted the Company's chronic underperformance, rising operating costs, declining guest traffic and significant earnings decline: - "Since early 2020, Cracker Barrel's TSR has declined by 70%, significantly trailing its restaurant peers, including Brinker, Darden, and Texas Roadhouse, as well as the broader market.

Biglari Holdings trades at a decent NAV discount, but it has comps that trade similarly and have less capped upside due to its unique carry structure and incentive scheme. Operational performance has been solid across restaurants, insurance, and oil & gas, but macroeconomic risks—especially for restaurants—remain a concern. Insurance investment returns may face pressure from lower rates, and oil & gas outlook is clouded by supply increases and uncertain demand.

San Antonio, TX , Aug. 14, 2025 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announced today the dual listing of its common stock on NYSE Texas, the newly launched, fully electronic equities exchange headquartered in Dallas, Texas, effective August 15, 2025. "We are excited to welcome Texas-based holding company Biglari Holdings to our NYSE Texas Founding Members community," said Chris Taylor, Chief Development Officer, NYSE Group.

Biglari (BH -2.25%), a holding company with operations in restaurants, insurance, oil and gas, and media, reported its Q2 2025 earnings on Aug. 8, 2025. The most significant headline was a sharp return to profitability, as net earnings (GAAP) swung to $50.9 million after a $48.2 million GAAP loss in the prior year period, largely driven by investment gains of $61.4 million.

San Antonio, TX , March 1, 2025 /PRNewswire/ -- Biglari Holdings Inc.'s (NYSE: BH.A; BH) 2024 Annual Report to the shareholders has been posted on the Internet, where it can be accessed at www.biglariholdings.com. The report includes Sardar Biglari's annual letter to shareholders.