Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (March 2026)
25 slides from Icahn Enterprises L.p's investor presentation, Mar 5, 2026
Slide 1: Icahn Enterprises L.P. Investor Presentation March 2026
Icahn Enterprises L.P. Investor Presentation March 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 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
4 Overview of Icahn Enterprises (1) Based on March 3, 2026, closing price of $8.22 (2) Investment segment Assets represents total equity (equity attributable to IEP was approximately $2.7 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 December 31, 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 Segmen
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 operati ng businesses and approximately $14 billion of assets as of December 31, 2025. • IEP’s record is based on a long - term horizon that can en
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
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 strat
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
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 $508 ($18) $4 Automotive (6) (16) (130) Food Packaging 12 (5) (60) Real Es
Slide 16: Consolidated Financial Snapshot
16 Consolidated Financial Snapshot (1) Refer to the Adjusted EBITDA reconciliations in the Appendix. Net Income (Loss): Investment ($1,353) ($242) ($54) Energy 831 (4) 42 Automotive (6) (16) (130) Food Packaging 13 (6) (66) Real Estate 16 (4) 256 Home Fashion (6) (8) (14) Pharma (3) 9 (4) Holding Co
Slide 17: Balance Sheet
17 Balance Sheet (1) All Other operating segments includes Food Packaging, Real Estate, Home Fashion, and Pharma. ($Millions) ASSETS Cash and cash equivalents $16 $511 $14 $9 $31 $4 $26 $839 $1,450 Cash held at consolidated affiliated partnerships and restricted cash 1,788 - 8 - - 3 - 170 1,969 Inve
Slide 18: Indicative Net Asset Value
18 Indicative Net Asset Value Note: Refer to the next page for footnotes and additional information. 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Holding Company interest in Investment Funds (1) 2,703$ 2,479$ 2,464$ 2,449$ 2,711$ CVR Energy (2) 1,250 1,330 1,891 2,569 1,791 CVR Partners LP (2
Slide 19: Indicative Net Asset Value: Use of Indicative Net Asset Value 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
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 t
Slide 23: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025
23 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 fro m our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Net (loss) income ($54) $
Slide 24: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024
24 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 fro m our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Net (loss) income ($242)
Slide 25: Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023
25 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 fro m our Food Packaging, Real Estate, Home Fashion, and Pharma segments. Net (loss) income ($1,353
Icahn Enterprises — Investor Presentation (March 2026) on 6ix