Slide 1: Icahn Enterprises L.P. Investor Presentation August 2025
Icahn Enterprises L.P. Investor Presentation August 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward - Looking Statements and Non - GAAP Financial Measures 2 Forward - Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward - looking statements” within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E
Slide 3: Company Overview
Company Overview 3
Slide 4: Overview of Icahn Enterprises
Overview of Icahn Enterprises 4 (1) Based on August 1, 2025, closing price of $8.98 (2) Investment segment Assets represents total equity (equity attributable to IEP was approximately $2.5 billion). • Icahn Enterprises L.P. (IEP) is a diversified holding company with operating businesses in Investme
Slide 5: Summary Corporate Organizational Chart
Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of June 30, 2025. Excludes intermediary and pass - through entities. 99% LP Energy Segment: CVR Energy, Inc. (NYSE: CVI) Pharma Segment: Vivus LLC Real Estate Segment: Real Estate Holdings Home Fashion Segment: WestP
Slide 6: Diversified Subsidiary Companies with Significant Inherent Value
Diversified Subsidiary Companies with Significant Inherent Value • IEP’s subsidiary companies possess key competitive strengths and/or leading market positions • IEP seeks to create incremental value by investing in organic growth and targeting businesses that offer consolidation opportunities The C
Slide 7: Evolution of Icahn Enterprises
Evolution of Icahn Enterprises • IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operating businesses and approximately $15 billion of assets as of June 30, 2025. • IEP’s record is based on a long - term horizon that can enhance b
Slide 8: Ability to Maximize Shareholder Value Through Proven Activist Strategy
Ability to Maximize Shareholder Value Through Proven Activist Strategy • IEP seeks undervalued companies and often becomes “actively” involved in the targeted companies • Activist strategy requires significant capital, rapid execution and willingness to take control of companies • Implement changes
Slide 9: Overview of Operating Segments
Overview of Operating Segments 9
Slide 10: Segment: Investment Highlights and Recent Developments
10 Segment: Investment Highlights and Recent Developments • Long history of investing in public equity and debt securities and pursuing activist agenda • Employs an activist strategy that seeks to unlock hidden value through various tactics • Financial/balance sheet restructurings • Operational turn
Slide 11: Segment: Energy Highlights and Recent Developments
11 Segment: Energy Highlights and Recent Developments Petroleum • Two strategically located Mid - Continent refineries close to Cushing, Oklahoma with total nameplate capacity of 206,500 bpd • Direct access to crude oil and condensate fields in the Anadarko and Arkoma Basins • Complimentary logistic
Slide 12: Segment: Automotive Highlights and Recent Developments
Segment: Automotive Highlights and Recent Developments • Automotive Services provides Do - It - For - Me automotive repair services for retail and fleet customers with over 800 stores and 7,000 service bays located in the United States and Puerto Rico • The leadership team has focused on key strateg
Slide 13: All Other Operating Segments Highlights and Recent Developments
All Other Operating Segments Highlights and Recent Developments Real Estate • Business strategy is based on long - term investment outlook and operational expertise that maximizes the value of our investment properties • Our exclusive country club focuses on golf, dining, entertainment and other rel
Slide 14: Financial Performance
Financial Performance 14
Slide 15: Financial Performance
15 Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1) (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. LTM June 30, FYE December 31, ($Millions) 2025 2024 2023 2022 Segments: Segments: ($100) $171 $869 $707
Slide 16: Consolidated Financial Snapshot
Consolidated Financial Snapshot LTM June 30, 30, June Six months ended FYE December 31, ($Millions) 2025 2025 2024 2024 2023 2022 Net Income (Loss): ($156) ($384) ($470) ($242) ($1,353) ($223) Investment (326) (219) 103 (4) 831 596 Energy (66) (52) (2) (16) (6) (192) Automotive (27) (17) 4 (6) 13 2
Slide 17: Balance Sheet
Balance Sheet 17 (1) All Other operating segments includes Food Packaging, Real Estate, Home Fashion, and Pharma. As of June 30, 2025 ($Millions) Consolidated Holding Company Pharma (1) Home Fashion (1) Real Estate (1) Food Packaging (1) Automotive Energy Investment ASSETS $1,804 $1,086 $33 $3 $32 $
Slide 18: Indicative Net Asset Value
Indicative Net Asset Value 18 Note: Refer to the next page for footnotes and additional information. As of ($Millions) 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 $ 2,464 $ 2,479 $ 2,703 $ 2,745 $ 2,946 Holding Company interest in Investment Funds (1) 1,891 1,330 1,250 1,536 1,785 CVR Energy
Slide 19: Indicative Net Asset Value: Use of Indicative Net Asset Value Data
Indicative Net Asset Value 19 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
Slide 20: Indicative Net Asset Value Footnotes
Indicative Net Asset Value 20 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
Slide 21: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 21
Slide 22: Non-GAAP Financial Measures
Non - GAAP Financial Measures 22 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 t
Slide 23: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended June 30, 2025
Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended June 30, 2025 23 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding
Slide 24: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025 24 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding Com
Slide 25: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2024
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2024 25 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding Com
Slide 26: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024 26 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding Compa
Slide 27: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023 27 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding Compa
Slide 28: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022 28 (1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Consolidated Holding Compa