Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Q4 2025 Earnings Presentation
19 slides from Icahn Enterprises L.p's earnings presentation, Feb 25, 2026
Slide 1: Icahn Enterprises L.P. Q4 2025 Earnings Presentation
Icahn Enterprises L.P. Q4 2025 Earnings Presentation February 25, 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: Q4 2025 Highlights and Recent Developments
Q4 2025 Highlights and Recent Developments • Q4 2025 net income attributable to IEP of $1 million, or approximately $0.00 per depositary unit, compared to net loss attributable to IEP of $98 million, or a loss of $0.19 per depositary unit, for Q4 2024 FINANCIAL RESULTS • Q4 2025 Adjusted EBITDA attr
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended December 31, December 31, ($Millions) 2025 2024 ($Millions) 2025 2024 Segments: Segments: Energy ($84) $13 Energy $27 $45 Automotive (5
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of various private • As of December 31, 2025, the Funds had a net short notional exposure of 13% investment funds (“Investment Funds”) in which we have • Excluding refining hedges the Fun
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q4 2025 Highlights primarily engaged in the petroleum refining, renewables, and nitrogen fertilizer manufacturing businesses through its interests • Adj
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • The Automotive segment is engaged in providing a full • Q4 2025 Net sales and other revenues, which include Automotive Services, range of automotive repair and maintenance services, along Aftermarket Parts, and Leasing reve
Slide 8: All Other Operating Segments
All Other Operating Segments All Other Segments Description Highlights and Recent Developments • Real Estate: Our Real Estate segment primarily consists of investment properties which includes land, retail, office and industrial properties leased to corporate • Q4 2025 Adjusted EBITDA attributable t
Slide 9: Financial Performance
Financial Performance 9
Slide 10: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 12/31/2025 Liquid Assets: Holding Company Cash & Cash Equivalents $839 Holding Company Investment in Investment Funds 2,693
Slide 11: Indicative Net Asset Value
Indicative Net Asset Value As of ($Millions) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds(1) $ 2,703 $ 2,479 $ 2,464 $ 2,449 $ 2,711 CVR Energy(2) 1,250 1,330 1,891 2,569 1,791 CVR Partners LP(2) 13 16 24
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: Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2025
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net income (loss) $350 ($128) ($57) ($19) $0 ($5) ($3) ($94) $44 Inte
Slide 17: Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2024
Adjusted EBITDA Reconciliation by Segment – Three Months Ended December 31, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($68) $27 $10 ($10) ($4) ($2) $1 ($64) ($110) Inter
Slide 18: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2025
Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($54) $42 ($130) ($66) $256 ($14) ($4) ($356) ($32
Slide 19: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2024
Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended December 31, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($242) ($4) ($16) ($6) ($4) ($8) $9 ($271) ($542)