Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (August 2026)
28 slides from Icahn Enterprises L.p's investor presentation, August 2026
Slide 1: Icahn Enterprises L.P. Investor Presentation
Icahn Enterprises L.P. Investor Presentation August 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Secur
Slide 3: Company Overview
Company Overview 3
Slide 4: Overview of Icahn Enterprises
Overview of Icahn Enterprises • Icahn Enterprises L.P. (IEP) is a diversified holding company with operating businesses in Investment, Energy, Automotive, Real Estate, Food Packaging, Home Fashion and Pharma • IEP is majority owned and controlled by Carl Icahn • Over many years, Carl Icahn has contr
Slide 5: Summary Corporate Organizational Chart
Summary Corporate Organizational Chart Holding Company Segment Icahn 1% GP Icahn Enterprises Enterprises L.P. G.P. Inc. (NasdaqGS: IEP) 99% LP 1% GP Icahn Enterprises Holdings L.P. 94% Food Packaging Segment: One of the worldwide leaders in cellulosic, fibrous Viskase Holdings, Inc. and plastic casi
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 Strat
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 $13 billion of assets as of June 30, 2026. • IEP’s record is based on a long-term horizon that can enhance bus
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 Putting Activism into Action • Activist strategy requires significant capital, rapid execution and willingness to take control of c
Slide 9: Overview of Operating Segments
Overview of Operating Segments 9
Slide 10: Segment: Investment
Segment: Investment Segment Description Highlights and Recent Developments • Our Investment segment is comprised of private • Long history of investing in public equity and debt securities and pursuing activist investment funds (“Investment Funds”) in which we have agenda general partner interests a
Slide 11: Segment: Energy
Segment: Energy Segment Description Highlights and Recent Developments • CVR Energy, Inc. (NYSE: CVI) is a diversified holding Petroleum company primarily engaged in the petroleum refining and • Two strategically located Mid-Continent refineries close to Cushing, Oklahoma nitrogen fertilizer manufac
Slide 12: Segment: Automotive
Segment: Automotive Segment Description Highlights and Recent Developments • The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale • Automotive Services provides Do-It-For-Me automotive repair services for retail of any install
Slide 13: All Other Operating Segments
All Other Operating Segments All Other Operating Segments Description Highlights and Recent Developments Real Estate • Real Estate: Our Real Estate segment primarily consists of investment • Business strategy is based on long-term investment outlook and operational expertise that properties which in
Slide 14: Financial Performance
Financial Performance 14
Slide 15: Financial Performance
Financial Performance Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1),(2) FYE December 31, LTM June 30, FYE December 31, LTM June 30, ($Millions) 2023 2024 2025 2026 ($Millions) 2023 2024 2025 2026 Segments: Segments: Energy $508 ($18) $4 $28
Slide 16: Consolidated Financial Snapshot
Consolidated Financial Snapshot FYE December 31, Si x months ende d June 30, LTM June 30, ($Millions) 2023 2024 2025 2025 2026 2026 Net Income (Loss): Inves tme nt ($1,353) ($242) ($54) ($384) ($591) ($261) Energy 831 (4) 42 (219) (139) 122 Automoti ve (6) (16) (130) (52) (30) (108) Food Pa cka gi n
Slide 17: Balance Sheet
Balance Sheet As of June 30, 2026 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated ASSETS Cash and cash equivalents $13 $737 $24 $8 $34 $2 $22 $381 $1,221 Cash held at consolidated affiliated partnerships 1,790 - 10
Slide 18: Indicative Net Asset Value
Indicative Net Asset Value As of ($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 19: 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 20: 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 21: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 21
Slide 22: 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 23: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended June 30, 2026
Adjusted EBITDA Reconciliation by Segment – Twelve 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 ($261) $122 ($108) ($62) $221 ($16) ($20) ($372) ($
Slide 24: 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) ($951)
Slide 25: Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025
Adjusted EBITDA Reconciliation by Segment – Six Months Ended June 30, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($384) ($219) ($52) ($17) $39 ($4) $2 ($146) ($781) In
Slide 26: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($54) $42 ($130) ($66) $256 ($14) ($4) ($356) ($326) Int
Slide 27: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($242) ($4) ($16) ($6) ($4) ($8) $9 ($271) ($542) Intere
Slide 28: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023
Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023 Food Real Home Holding (1) (1) (1) (1) ($Millions) Investment Energy Automotive Packaging Estate Fashion Pharma Company Consolidated (2) Adjusted EBITDA Net (loss) income ($1,353) $831 ($6) $13 $16 ($6) ($3) ($504) ($1,012) Int
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