Slide 1: Icahn Enterprises L.P. Investor Presentation May 2026
Icahn Enterprises L.P. Investor Presentation May 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
2 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 Sec
Slide 3: Company Overview
Company Overview 3
Slide 4: Overview of Icahn Enterprises
4 Overview of Icahn Enterprises (1) Based on May 7, 2026, closing price of $7.98 (2) Investment segment Assets represents total equity (equity attributable to IEP was approximately $2.2 billion). (3) The presentation of Adjusted EBITDA in this presentation for the twelve months ended March 31, 2026
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of March 31, 2026. 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: West
Slide 6: Diversified Subsidiary Companies with Significant Inherent Value
6 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
Slide 7: Evolution of Icahn Enterprises
7 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 $14 billion of assets as of December 31, 2025. • IEP’s record is based on a long-term horizon that can enhan
Slide 8: Ability to Maximize Shareholder Value Through Proven Activist Strategy
8 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 change
Slide 9: Overview of Operating Segments
Overview of Operating Segments 9
Slide 10: Highlights and Recent Developments: 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 turnarounds • Strategic ini
Slide 11: Highlights and Recent Developments: 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 logistics assets and access t
Slide 12: Highlights and Recent Developments: Automotive
Highlights and Recent Developments • Automotive Services provides Do-It-For-Me automotive repair services for retail and fleet customers with over 800 company operated stores and over 7,000 service bays located in the United States and Puerto Rico • The leadership team has focused on key strategic i
Slide 13: Highlights and Recent Developments: Real Estate and Food Packaging
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 • Own and manage a net lease portfolio of land, office, retail, and industrial properties leased to commercial t
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),(2) (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. (2) The presentation of Adjusted EBITDA in this presentation for all periods presented above has be
Slide 16: Consolidated Financial Snapshot
16 Consolidated Financial Snapshot (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. (2) The presentation of Adjusted EBITDA in this presentation for all periods presented above has been prepared using a calculation with different exclusions than what has been used when preparing Adj
Slide 17: Balance Sheet
17 Balance Sheet (1) All Other operating segments includes Food Packaging, Real Estate, Home Fashion, and Pharma. ($Millions) ASSETS Cash and cash equivalents $16 $512 $51 $29 $35 $5 $27 $624 $1,299 Cash held at consolidated affiliated partnerships and restricted cash 1,818 - 8 - - 2 - 167 1,995 Inv
Slide 18: Indicative Net Asset Value
18 Indicative Net Asset Value Note: Refer to the next page for footnotes and additional information. 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 Holding Company interest in Investment Funds(1) $ 2,479 $ 2,464 $ 2,449 $ 2,711 $ 2,221 CVR Energy(2) 1,330 1,891 2,569 1,791 2,396 CVR Partners LP(
Slide 19: Indicative Net Asset Value: Use of Data
19 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
Slide 20: Indicative Net Asset Value Footnotes
20 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 th
Slide 21: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 21
Slide 22: Non-GAAP Financial Measures
22 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 (bene
Slide 23: Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended March 31, 2026
23 Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended March 31, 2026 (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. (2) The presentation
Slide 24: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2026
24 Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2026 (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. (2) The presentation
Slide 25: Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2025
25 Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2025 (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. (2) The presentation
Slide 26: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025
26 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025 (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. (2) The presentation of Ad
Slide 27: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024
27 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024 (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. (2) The presentation of Ad
Slide 28: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023
28 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023 (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. (2) The presentation of Ad