Full-year 2025 net loss attributable to Biglari Holdings shareholders was $(37,488) thousand, significantly wider than the $(3,759) thousand loss reported in 2024. Fourth quarter 2025 net loss attributable to Biglari Holdings shareholders was $(49,853) thousand, compared to a $(10,273) thousand loss in Q4 2024. Pre-tax operating earnings for the full year 2025 decreased to $18,782 thousand from $32,569 thousand in 2024. Fourth quarter 2025 pre-tax operating earnings were a loss of $(1,739) thousand, a decline from $3,896 thousand in Q4 2024. Investment losses for the full year 2025 were $(66,473) thousand, worsening from $(40,723) thousand in 2024. Book value per Class A Equivalent share was $2,059.32 as of December 31, 2025. The 2025 Annual Report and Sardar Biglari's annual letter to shareholders have been posted online at www.biglariholdings.com.