Slide 1: Icahn Enterprises L.P. Q2 2026 Earnings Presentation
Icahn Enterprises L.P. Q2 2026 Earnings Presentation August 5, 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our business
Slide 3: Q2 2026 Highlights and Recent Developments
Q2 2026 Highlights and Recent Developments • Q2 2026 net loss attributable to IEP of $355 million, or a loss of $0.52 per depositary unit, compared to net loss attributable to IEP of $165 million, or a loss of $0.30 per depositary unit, for Q2 2025 FINANCIAL • Q2 2026 Adjusted EBITDA loss attributab
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended June 30, June 30, ($Millions) 2026 2025 ($Millions) 2026 2025 Segments: Segments: Energy ($7) ($84) Energy $102 $40 Automotive (10) (25
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of private investment • Returns of negative 10.9% for Q2 2026 funds (“Investment Funds” or the “Funds”) in which we • Returns of negative 7.7% excluding refining hedges for Q2 2026, which
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q2 2026 Highlights primarily engaged in the petroleum refining, renewables, • Adjusted EBITDA increased by $110 million to $209 million for Q2 2026 and
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • The Automotive segment is engaged in providing a full • Q2 2026 Net sales and other revenues, which include Automotive Services and range of automotive repair and maintenance services, along Leasing revenues, decreased $10
Slide 8: All Other Operating Segments
All Other Operating Segments All Other Segments Description Highlights and Recent Developments • Real Estate: Our Real Estate segment primarily consists of investment properties which includes land, retail, office and industrial properties leased to corporate • Q2 2026 Adjusted EBITDA attributable t
Slide 9: Financial Performance
Financial Performance 9
Slide 10: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 6/30/2026 Liquid Assets: Holding Company Cash & Cash Equivalents $381 Holding Company Investment in Investment Funds 1,964 T
Slide 11: Indicative Net Asset Value
Indicative Net Asset Value As of ($Millions) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds(1) $ 2,464 $ 2,449 $ 2,711 $ 2,221 $ 1,978 CVR Energy(2) 1,891 2,569 1,791 2,396 1,961 CVR Partners LP(2) 24 25 28
Slide 12: Indicative Net Asset Value
Indicative Net Asset Value Use of Indicative Net Asset Value Data The Company uses indicative net asset value as an additional method for considering the value of the Company’s assets, and we believe that this information can be helpful to investors. Please note, however, that the indicative net ass
Slide 13: Indicative Net Asset Value
Indicative Net Asset Value Footnotes to Company’s calculation of Indicative Net Asset Value: 1) Represents GAAP equity attributable to IEP as of each respective date. 2) Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the n
Slide 14: Non-GAAP Reconciliations
Non-GAAP Reconciliations 14
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before net interest expense (excluding our Investment Segment), income tax (benefit
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Other companies in the industrie
Slide 17: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2026
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2026 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($312) $34 ($10) ($6) ($1) ($2) ($7) ($84) ($388) In
Slide 18: Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2025
Adjusted EBITDA Reconciliation by Segment – Three Months Ended June 30, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($34) ($102) ($25) ($3) $43 ($2) $4 ($82) ($201) Intere
Slide 19: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2026
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2026 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($591) ($139) ($30) ($13) $4 ($6) ($14) ($162) ($951)
Slide 20: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($384) ($219) ($52) ($17) $39 ($4) $2 ($146) ($781) In