Slide 1: Icahn Enterprises L.P. Q3 2025 Earnings Presentation
Icahn Enterprises L.P. Q3 2025 Earnings Presentation November 5, 2025 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: Q3 2025 Highlights and Recent Developments
Q3 2025 Highlights and Recent Developments • Q3 2025 net income attributable to IEP of $287 million, or $0.49 per depositary unit, compared to net income attributable to IEP of $22 million, or $0.05 per depositary unit, for Q3 2024 FINANCIAL RESULTS • Q3 2025 Adjusted EBITDA attributable to IEP (1)
Slide 4: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises(1) Three Months Ended Three Months Ended September 30, September 30, ($Millions) 2025 2024 ($Millions) 2025 2024 Segments: Segments: Energy $258 ($88) Energy $409 ($38) Automot
Slide 5: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of various private • As of September 30, 2025, the Funds had a net short notional exposure of 26% investment funds (“Investment Funds”) in which we have general partner interests and thro
Slide 6: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company • CVR Energy Q3 2025 Highlights primarily engaged in the petroleum refining, renewables, and nitrogen fertilizer manufacturing businesses through its interests • Con
Slide 7: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • The Automotive segment is engaged in providing a full • Q3 2025 Net sales and other revenues, which include Automotive Services, range of automotive repair and maintenance services, along Aftermarket Parts, and Leasing reve
Slide 8: All Other Operating Segments
All Other Operating Segments All Other Segments Description Highlights and Recent Developments • Real Estate: Our Real Estate segment primarily consists of investment properties which includes land, retail, office and industrial properties leased to corporate • Q3 2025 Adjusted EBITDA loss attributa
Slide 9: Financial Performance
Financial Performance 9
Slide 10: Liquidity
Liquidity Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businesses As of ($Millions) 9/30/2025 Liquid Assets: Holding Company Cash & Cash Equivalents $998 Holding Company Investment in Investment Funds 2,432 T
Slide 11: Indicative Net Asset Value
Indicative Net Asset Value As of ($Millions) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Market-valued Subsidiaries and Investments: Holding Company interest in Investment Funds(1) $ 2,745 $ 2,703 $ 2,479 $ 2,464 $ 2,449 CVR Energy(2) 1,536 1,250 1,330 1,891 2,569 CVR Partners LP(2) - 13 16 2
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: Indicative Net Asset Value
Indicative Net Asset Value Footnotes to Company’s calculation of Indicative Net Asset Value: 7) Represents GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities. As of September 30, 2024, December 31, 2024, March 31, 202
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations 15
Slide 16: 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 17: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2025
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 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 ($20) $389 ($21) ($30) $217 ($5) ($3) ($116) $411
Slide 18: Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2024
Adjusted EBITDA Reconciliation by Segment – Three Months Ended September 30, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net income (loss) $296 ($134) ($24) $0 $2 ($5) $4 ($59) $80 Interest
Slide 19: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2025
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($404) $170 ($73) ($47) $256 ($9) ($1) ($262) ($370
Slide 20: Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2024
Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated Adjusted EBITDA: Net (loss) income ($174) ($31) ($26) $4 $0 ($6) $8 ($207) ($432) Inte