Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (November 2025)
29 slides from Icahn Enterprises L.p's investor presentation, Nov 7, 2025
Slide 1: Icahn Enterprises L.P. Investor Presentation November 2025
Icahn Enterprises L.P. Investor Presentation November 2025
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 November 6, 2025, closing price of $9.15 (2) Investment segment Assets represents total equity (equity attributable to IEP was approximately $2.4 billion). • Icahn Enterprises L.P. (IEP) is a diversified holding company with operating businesses in Invest
Slide 5: Summary Corporate Organizational Chart
5 Summary Corporate Organizational Chart Note: Percentages denote equity ownership as of September 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:
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 $15 billion of assets as of September 30, 2025. • IEP’s record is based on a long-term horizon that can enha
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 stores and 7,000 service bays located in the United States and Puerto Rico • The leadership team has focused on key strategic initiatives including:
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 • Our exclusive country club focuses on golf, dining, entertainment and other related activities that enhances 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) (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. ($Millions) Segments: Energy $304 $508 ($18) $101 Automotive (192) (6) (16) (63) Food Packaging 2 12 (5
Slide 16: Consolidated Financial Snapshot
16 Consolidated Financial Snapshot (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. Net Income (Loss): Investment ($223) ($1,353) ($242) ($174) ($404) ($472) Energy 596 831 (4) (31) 170 197 Automotive (192) (6) (16) (26) (73) (63) Food Packaging 2 13 (6) 4 (47) (57) Real Estate 7 16
Slide 17: Balance Sheet
17 Balance Sheet (1) All Other operating segments includes Food Packaging, Real Estate, Home Fashion, and Pharma. ($Millions) ASSETS Cash and cash equivalents $13 $670 $30 $7 $31 $2 $36 $998 $1,787 Cash held at consolidated affiliated partnerships and restricted cash 2,050 - 8 - - 3 - 177 2,238 Inve
Slide 18: Indicative Net Asset Value
18 Indicative Net Asset Value Note: Refer to the next page for footnotes and additional information. 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Holding Company interest in Investment Funds(1) $ 2,703 2,745 $ 2,479 $ 2,464 $ 2,449 $ CVR Energy(2) 1,250 1,536 1,330 1,891 2,569 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: Indicative Net Asset Value Footnotes
21 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,
Slide 22: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations 22
Slide 23: Non-GAAP Financial Measures
23 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 24: Adjusted EBITDA Reconciliation by Segment – LTM September 30, 2025
24 Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended September 30, 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. Net (loss) incom
Slide 25: Adjusted EBITDA Reconciliation by Segment – Nine Months 2025
25 Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 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. Net (loss) income
Slide 26: Adjusted EBITDA Reconciliation by Segment – Nine Months 2024
26 Adjusted EBITDA Reconciliation by Segment – Nine Months Ended September 30, 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. Net (loss) income
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. Net (loss) income ($242) (
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. Net (loss) income ($1,353)
Slide 29: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022
29 Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2022 (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. Net (loss) income ($223) $
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