SUNNY ISLES BEACH, Fla., July 23, 2025 /PRNewswire/ -- Icahn Enterprises L.P. (Nasdaq: IEP) announced today that it will discuss its second quarter 2025 results on a webcast on Monday, August 4, 2025 - 10:00 a.m. Eastern Time. To access the webcast, viewers should go to this link (webcast). We encourage viewers to access the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for at least twelve months at Icahn events and presentations.Icahn Enterprises L.P., ...

Icahn Enterprises L.P. Investor Presentation May 2025 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 Securities Exchange Act of 1934, as amended. All statements included herein, other than statements that relate solely to historical fact, are "forward-looking stat ...

[Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements regarding future results, performance, and strategies, subject to numerous risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are identified by words like "believes," "expects," "potential," and similar expressions, and are not guarantees of future performance[8](index=8&type=chunk) - The company identifies a wide range of risks that could impact future results, including economic conditions, geopolitical conflicts, investment performance, regulatory changes, and operational challenges within its diverse business segments like energy price volatility, automotive industry conditions, and supply chain issues[9](index=9&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for Q1 2025 show a net loss attributable to Icahn Enterprises of **$422 million**, a significant increase from the **$38 million** loss in Q1 2024, with total assets decreasing to **$15.5 billion** from **$16.3 billion** at year-end 2024 Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$15,481** | **$16,279** | | Cash and cash equivalents | $2,183 | $2,603 | | Investments | $2,073 | $2,310 | | Total Debt | $6,794 | $6,809 | | **Total Liabilities** | **$11,739** | **$11,658** | | **Total Equity** | **$3,742** | **$4,621** | Condensed Consolidated Statement of Operations (in millions, except per unit data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $1,867 | $2,470 | | Net loss from investment activities | $(394) | $(96) | | **Net loss** | **$(580)** | **$(26)** | | **Net loss attributable to Icahn Enterprises** | **$(422)** | **$(38)** | | Basic and Diluted loss per LP unit | $(0.79) | $(0.09) | | Distributions declared per LP unit | $0.50 | $1.00 | - Net cash used in operating activities was **$182 million** for Q1 2025, compared to **$251 million** in Q1 2024, resulting in a net decrease in cash and equivalents of **$364 million** in Q1 2025[19](index=19&type=chunk) [Note 1. Description of Business](index=11&type=section&id=Note%201.%20Description%20of%20Business) Icahn Enterprises is a diversified holding company with subsidiaries in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma, with Mr. Carl C. Icahn and his affiliates owning approximately **86%** of outstanding depositary units as of March 31, 2025 - The company operates through seven primary segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma[22](index=22&type=chunk) - As of March 31, 2025, Mr. Icahn and his affiliates held a controlling interest of approximately **86%** of outstanding depositary units[21](index=21&type=chunk) [Note 10. Debt](index=32&type=section&id=Note%2010.%20Debt) As of March 31, 2025, total debt was approximately **$6.8 billion**, slightly down from year-end 2024, with the Holding Company carrying the majority at **$4.7 billion** in senior notes and the Energy segment being the most indebted operating segment with **$1.9 billion** Debt Composition (in millions) | Category | March 31, 2025 | | :--- | :--- | | Holding Company | $4,699 | | Reporting Segments | $2,095 | | **Total Debt** | **$6,794** | - The company and its subsidiaries were in compliance with all debt covenants as of March 31, 2025[98](index=98&type=chunk) [Note 12. Segment Reporting](index=36&type=section&id=Note%2012.%20Segment%20Reporting) For Q1 2025, the Investment segment reported the largest net loss attributable to Icahn Enterprises at **$224 million**, contrasting sharply with the Energy segment's **$49 million** profit in Q1 2024, which turned into an **$86 million** loss in Q1 2025, while the Holding Company also contributed a significant loss of **$64 million** Net (Loss) Income Attributable to Icahn Enterprises by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Investment | $(224) | $(23) | | Energy | $(86) | $49 | | Automotive | $(27) | $(9) | | Food Packaging | $(13) | $2 | | Real Estate | $(4) | $(2) | | Home Fashion | $(2) | $(1) | | Pharma | $(2) | $1 | | Holding Company | $(64) | $(55) | | **Total** | **$(422)** | **$(38)** | [Note 16. Commitments and Contingencies](index=41&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) The company faces several commitments and contingencies, including the Energy segment's **$438 million** Renewable Fuel Standard (RFS) liability, **$21 million** in pension liabilities for Viskase's underfunded plan, and an information request from the U.S. Attorney's office regarding corporate governance and capitalization - The Energy segment's RFS obligation liability increased to **$438 million** as of March 31, 2025, up from **$323 million** at year-end 2024[122](index=122&type=chunk) - The company is contingently liable for an underfunded pension plan at Viskase, estimated at **$21 million** as of March 31, 2025[128](index=128&type=chunk) - On May 3, 2023, the U.S. Attorney's office for the Southern District of New York requested information from the company regarding its governance, capitalization, securities offerings, and other materials, to which the company has produced documents in response[132](index=132&type=chunk) [Note 18. Subsequent Events](index=47&type=section&id=Note%2018.%20Subsequent%20Events) Subsequent to the quarter's end, the Board declared another quarterly distribution of **$0.50 per unit**, payable in June 2025, and Mr. Icahn and his affiliates redeemed **$208 million** from their personal interest in the Investment Funds in April 2025 - On May 5, 2025, the Board declared a quarterly distribution of **$0.50 per depositary unit**[134](index=134&type=chunk) - In April 2025, Mr. Icahn and his affiliates redeemed **$208 million** from the Investment Funds[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 net loss of **$422 million** primarily to the poor performance of the Investment Funds, which had a negative return of **8.4%**, and a significant downturn in the Energy segment, while the Holding Company's liquidity remains substantial with **$1.3 billion** in cash but relies on volatile subsidiary distributions [Results of Operations](index=52&type=section&id=Results%20of%20Operations) The consolidated net loss widened significantly in Q1 2025, driven by the Investment and Energy segments, with the Investment Funds returning a negative **8.4%** and the Energy segment's gross profit swinging from a **$150 million** profit to a **$102 million** loss YoY due to lower refining margins and higher RFS costs Investment Funds Performance | Period | Return | | :--- | :--- | | Q1 2025 | (8.4)% | | Q1 2024 | (0.8)% | - The Investment Funds' Q1 2025 negative performance was driven by net losses in long positions, particularly in the healthcare, consumer cyclical, and industrials sectors[155](index=155&type=chunk) - The Energy segment's gross profit decreased by **$252 million** YoY, primarily due to lower refining margins, increased RFS expenses, and unfavorable sales volumes from planned maintenance[166](index=166&type=chunk) - The Automotive segment's net sales and other revenues decreased by **$34 million (9%)** YoY due to lower pricing and exiting the Aftermarket Parts business[174](index=174&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) The Holding Company maintained a strong liquidity position with **$1.3 billion** in cash and **$2.5 billion** invested in the Investment Funds as of March 31, 2025, but its cash flow depends on distributions from subsidiaries, which can be restricted, as CVR Energy suspended its dividend in Q4 2024 and Q1 2025 Holding Company Liquidity (as of March 31, 2025) | Item | Amount (billions) | | :--- | :--- | | Cash and cash equivalents | $1.3 | | Investments in Investment Funds | $2.5 | | Total Debt | $4.7 | - The Holding Company's ability to meet obligations depends on cash flows from subsidiaries, which may be restricted, with CVR Energy suspending its dividend, impacting cash flow to the parent[194](index=194&type=chunk) - As of March 31, 2025, the Investment Funds had a net long notional exposure of **20%**, with **95%** long exposure and **74%** short exposure[210](index=210&type=chunk) - The company has a repurchase program authorizing up to **$500 million** in depositary units and has re-approved authorization for up to an additional **$500 million** in senior notes[207](index=207&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is through its Investment segment, where a hypothetical **10%** adverse change in the fair value of investments would negatively impact securities owned by **$204 million**, securities sold short by **$90 million**, and derivatives by **$365 million** - The company's predominant market risk is tied to the investment activities of its Investment Funds[236](index=236&type=chunk) - A hypothetical **10%** adverse change in the fair value of investments held by the Investment Funds would result in significant negative impacts: **$204 million** for securities owned, **$90 million** for securities sold short, and **$365 million** for derivatives[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[240](index=240&type=chunk) - No material changes were made to the internal control over financial reporting during the first quarter of 2025[241](index=241&type=chunk) [PART II. OTHER INFORMATION](index=78&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to litigation in the ordinary course of business, with no material changes to lawsuits and proceedings from those reported in the 2024 Annual Report on Form 10-K, as detailed in Note 16 of the financial statements - No material changes to legal proceedings were reported for the quarter, with details on ongoing matters referenced in Note 16, "Commitments and Contingencies"[244](index=244&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the company's risk factors during the first quarter of 2025 as compared to those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - The company reported no material changes to its risk factors from its most recent annual report[245](index=245&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use or Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20or%20Proceeds) The company did not repurchase any of its depositary units during the quarter under its approved repurchase program - No depositary units were repurchased by the issuer during the period[247](index=247&type=chunk) [Item 5. Other Information](index=79&type=section&id=Item%205.%20Other%20Information) During the last fiscal quarter, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[248](index=248&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended partnership agreements, CEO/CFO certifications required by the Sarbanes-Oxley Act, and Inline XBRL data files - The exhibits include required CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906[249](index=249&type=chunk)

Financial Data and Key Metrics Changes - NAV decreased by $336 million from Q4 2024, primarily due to negative performance in funds and accrual for distribution, partially offset by increases in CVI and auto service [5] - Investment funds ended down approximately 8.4% for the quarter, mainly driven by healthcare investments [6] - The company ended the quarter with $1.3 billion in cash and cash equivalents at the holding company, and an additional $900 million of cash at the funds [6] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $61 million for Q1 2025, compared to $203 million in Q1 2024, impacted by the Coffeyville refinery turnaround and unfavorable RINs valuation [11] - Automotive segment sales were down 9% year over year; excluding the wind down of the parts business, sales were down 6% [12] - Adjusted EBITDA for the automotive segment was negative $6 million, with profitability suffering due to labor hiring and inventory optimization efforts [13] - Real estate's Q1 2025 adjusted EBITDA decreased by $1 million compared to the prior year quarter [15] - Food Packaging's adjusted EBITDA decreased by $6 million due to lower prices and higher material costs [16] - Pharma's adjusted EBITDA for Q1 2025 came in lower by $3 million due to increased R&D spending and marketing expenses [17] Market Data and Key Metrics Changes - The company noted a modestly positive performance quarter to date when marking to market the funds and adding in CVI and UAN [6][25] Company Strategy and Development Direction - The company is focusing on significant investments in labor, inventory, equipment, and marketing to improve the automotive segment's performance [12] - The board maintained a quarterly distribution at $0.50 per depositary unit, indicating a commitment to returning value to shareholders [7] - The company is exploring the sale of additional properties in its portfolio and seeking new opportunities that fit its investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $438 million liability [5] - The company sees considerable value creation potential in its portfolio despite market volatility [7] - Management believes that investments in the automotive segment, while painful in the short term, are necessary for long-term profitability [13] Other Important Information - The company has a significant liquidity position, with $3.8 billion in cash and investments at the holding company and $1.3 billion at subsidiaries [18] Q&A Session Summary Question: Can you provide details on the automotive segment store closures? - Management refrained from discussing the aggregate EBITDA loss from store closures but indicated that many previously profitable stores are now money-losing and are being evaluated for closure [20][21] Question: Are there any liabilities associated with the store closures? - Management noted that some closures present opportunities, with one previously underperforming store sold for $4 million, indicating that many closures should not be considered liabilities [22][23] Question: What is the current status of indicative net asset value? - Management clarified that the public portfolio and marked investments were modestly positive as of the last Friday [25]

Icahn Enterprises (IEP) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good morning, and welcome to the Icahn Enterprise LP First Quarter twenty twenty five Earnings Call with Andrew Tino, President and CEO Ted Papapostolu, Chief Financial Officer and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement. Please go ahead. Speaker1 Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe ha ...

Financial Performance - Icahn Enterprises L P reported a net loss attributable to IEP of $422 million for Q1 2025, compared to a net loss of $38 million for Q1 2024[6] - Adjusted EBITDA loss attributable to IEP was $287 million for Q1 2025, a decrease compared to an Adjusted EBITDA of $134 million for Q1 2024[6] - The Investment segment reported a net loss attributable to IEP of $224 million for Q1 2025, compared to a net loss of $23 million in Q1 2024[9, 12] - The Energy segment experienced a net loss attributable to IEP of $86 million in Q1 2025, compared to a net income of $49 million in Q1 2024[9] - The Automotive segment had a net loss of $27 million in Q1 2025, compared to a net loss of $9 million in Q1 2024[9] Segment Highlights - The Investment segment's Funds had a net long notional exposure of 20% as of March 31, 2025, with returns of negative 8 4% for Q1 2025[12] - The Energy segment's consolidated Adjusted EBITDA decreased by $264 million to a loss of $61 million for Q1 2025, compared to $203 million in Q1 2024[15, 18] - Automotive Services revenue decreased by $23 million primarily due to reduced pricing and a shift of consumer behavior toward lower priced offerings[23] - Aftermarket Parts revenue in the Automotive segment decreased by $11 million due to the exit of the Aftermarket Parts business, completed in Q1 2025[22, 23] - Food Packaging Q1 2025 Adjusted EBITDA attributable to IEP decreased by $6 million compared to prior year quarter primarily due to lower price and higher manufacturing inefficiencies[26, 30] Liquidity and Net Asset Value - As of March 31, 2025, the indicative net asset value was approximately $3 billion, a decrease of $336 million compared to December 31, 2024[6] - Total Holding Company liquid assets were $3 781 billion as of March 31, 2025, including $1 318 billion in cash and cash equivalents and $2 463 billion in Investment Funds[32]

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Q1 2025 financial performance declined significantly, marked by reduced revenues, widened net loss, negative Adjusted EBITDA, and a reduced quarterly dividend [Q1 2025 Key Financial Results](index=1&type=section&id=Q1%202025%20Key%20Financial%20Results) Icahn Enterprises reported a significant downturn in its first quarter 2025 financial performance compared to the same period in 2024. Revenues decreased from $2.5 billion to $1.9 billion. The company swung from an Adjusted EBITDA of $134 million to an Adjusted EBITDA loss of $287 million, and the net loss attributable to the company widened substantially from $38 million to $422 million Q1 2025 vs Q1 2024 Financial Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $1.9 billion | $2.5 billion | | Net Loss Attributable to IEP | $422 million | $38 million | | Net Loss per Depositary Unit | $0.79 | $0.09 | | Adjusted EBITDA Attributable to IEP | ($287 million) | $134 million | [Indicative Net Asset Value (NAV)](index=1&type=section&id=Indicative%20Net%20Asset%20Value%20(NAV)) The company's indicative net asset value (NAV) decreased by $336 million to approximately $3.0 billion as of March 31, 2025, compared to December 31, 2024. This decline was primarily driven by a $224 million loss in the Investment segment, with notable losses in the healthcare sector - Indicative Net Asset Value stood at approximately **$3.0 billion** as of March 31, 2025, marking a decrease of **$336 million** from December 31, 2024[5](index=5&type=chunk) - The decrease in NAV was mainly due to losses of **$224 million** in the Investment segment, driven by underperformance in the healthcare sector[3](index=3&type=chunk) [Dividend Declaration](index=1&type=section&id=Dividend%20Declaration) The Board of Directors declared a quarterly distribution of $0.50 per depositary unit for the first quarter of 2025. This represents a 50% reduction from the $1.00 per unit distribution in the same quarter of the previous year. Unitholders have the option to receive the distribution in cash or additional units - A quarterly distribution of **$0.50 per depositary unit** was declared on May 5, 2025, payable around June 25, 2025, to unitholders of record on May 19, 2025[4](index=4&type=chunk)[5](index=5&type=chunk) - Unitholders can elect to receive their distribution in either cash or additional depositary units by June 12, 2025. The default option is additional units[4](index=4&type=chunk) Distribution per LP Unit Comparison | Period | Distribution per LP Unit | | :--- | :--- | | Q1 2025 | $0.50 | | Q1 2024 | $1.00 | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section details Q1 2025 consolidated financial statements, highlighting significant revenue decrease, widened net loss, and a decline in total assets and equity [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the first quarter ended March 31, 2025, total revenues were $1.87 billion, a decrease from $2.47 billion in the prior-year period. The company experienced a significant net loss from investment activities of $394 million. Consequently, the net loss attributable to Icahn Enterprises widened to $422 million, or $0.79 per unit, compared to a $38 million loss, or $0.09 per unit, in Q1 2024 Condensed Consolidated Statements of Operations (in millions, except per unit amounts) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | **Revenues** | **$1,867** | **$2,470** | | Net sales | $2,002 | $2,253 | | Net loss from investment activities | ($394) | ($96) | | **Total Expenses** | **$2,521** | **$2,489** | | Cost of goods sold | $2,016 | $1,991 | | **Net loss** | **($580)** | **($26)** | | Less: net (loss) income attributable to non-controlling interests | ($158) | $12 | | **Net loss attributable to Icahn Enterprises** | **($422)** | **($38)** | | **Basic and Diluted loss per LP unit** | **($0.79)** | **($0.09)** | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Icahn Enterprises' total assets stood at $15.48 billion, down from $16.28 billion at the end of 2024. This was accompanied by a slight increase in total liabilities to $11.74 billion. The decline in assets and rise in liabilities resulted in a decrease in total equity attributable to Icahn Enterprises from $2.47 billion to $1.77 billion Condensed Consolidated Balance Sheets (in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :---: | :---: | | **ASSETS** | | | | Cash and cash equivalents | $2,183 | $2,603 | | Investments | $2,073 | $2,310 | | **Total Assets** | **$15,481** | **$16,279** | | **LIABILITIES AND EQUITY** | | | | Debt | $6,794 | $6,809 | | **Total Liabilities** | **$11,739** | **$11,658** | | Equity attributable to Icahn Enterprises | $1,774 | $2,466 | | **Total Equity** | **$3,742** | **$4,621** | | **Total Liabilities and Equity** | **$15,481** | **$16,279** | [Non-GAAP Financial Measures and Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains the company's use of non-GAAP measures like EBITDA, Adjusted EBITDA, and Indicative Net Asset Value, detailing their definitions, limitations, and GAAP reconciliations [Use of Non-GAAP Financial Measures (EBITDA & Adjusted EBITDA)](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures%20(EBITDA%20%26%20Adjusted%20EBITDA)) The company utilizes non-GAAP measures, specifically EBITDA and Adjusted EBITDA, to supplement its GAAP financial results. Management believes these metrics offer a clearer view of core operating performance by excluding items like interest, taxes, depreciation, amortization, and other non-operational charges. However, the company also acknowledges the limitations of these measures, such as not reflecting cash expenditures for capital assets or debt service, and advises they should not be considered in isolation - The company defines Adjusted EBITDA as EBITDA excluding effects of impairment, restructuring, transformation costs, certain pension expenses, gains/losses on asset disposition, and other non-operational charges[12](index=12&type=chunk) - Management uses these non-GAAP measures to assess operating results and believes they help investors evaluate core performance without the distortion of certain accounting and financing-related items[13](index=13&type=chunk) - The company cautions that EBITDA and Adjusted EBITDA have limitations and should not be seen as substitutes for U.S. GAAP results, as they do not reflect cash requirements for capital expenditures, working capital, or interest payments[14](index=14&type=chunk)[16](index=16&type=chunk) [Use and Calculation of Indicative Net Asset Value (NAV)](index=6&type=section&id=Use%20and%20Calculation%20of%20Indicative%20Net%20Asset%20Value%20(NAV)) IEP presents an indicative net asset value (NAV) as a supplementary tool for investors, calculated at $3.0 billion as of March 31, 2025, down from $3.34 billion at year-end 2024. The company stresses that this is not a formal valuation, does not represent the market price of its units, and is of limited use. The calculation is based on the market value of certain subsidiaries and investments, GAAP equity for others, and management's fair-value estimates for real estate assets - The company uses indicative NAV as an additional method for valuing its assets but warns that it does not represent the trading price of depositary units and should be considered with caution[17](index=17&type=chunk)[18](index=18&type=chunk) Indicative Net Asset Value (in millions) | | March 31, 2025 | December 31, 2024 | | :--- | :---: | :---: | | Total market-valued subsidiaries and investments | $3,825 | $3,966 | | Operating Business Indicative Gross Asset Value | $6,385 | $6,536 | | Add: Holding Company cash and cash equivalents | $1,318 | $1,397 | | Less: Holding Company debt | ($4,699) | ($4,699) | | **Indicative Net Asset Value** | **$3,001** | **$3,337** | [Reconciliation of Net Loss to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) For Q1 2025, the company reconciled its GAAP net loss attributable to IEP of $422 million to a non-GAAP Adjusted EBITDA loss of $287 million. This compares to Q1 2024, where a net loss of $38 million was reconciled to a positive Adjusted EBITDA of $134 million. Key adjustments in Q1 2025 included adding back net interest expense, depreciation, and impairment charges Reconciliation of Net loss attributable to IEP to Adjusted EBITDA (in millions) | | Three Months Ended March 31, | | :--- | :---: | :---: | | | **2025** | **2024** | | **Net loss attributable to IEP** | **($422)** | **($38)** | | Interest expense, net | $83 | $63 | | Income tax (benefit) expense | ($56) | $3 | | Depreciation and amortization | $79 | $86 | | **EBITDA attributable to IEP** | **($316)** | **$114** | | Impairment | $9 | - | | Restructuring costs | $6 | - | | Loss on disposition of assets, net | $2 | $5 | | Transformation costs | $8 | $11 | | Other | $4 | $6 | | **Adjusted EBITDA attributable to IEP** | **($287)** | **$134** |

Group 1 - Icahn Enterprises L.P. will discuss its first quarter 2025 results on a webcast scheduled for May 7, 2025, at 10:00 a.m. Eastern Time [1] - The company encourages viewers to access the webcast 15 minutes prior to the start time, and a replay will be available for at least twelve months [1] Group 2 - Icahn Enterprises L.P. is a diversified holding company operating in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [2]

Group 1 - Billionaire investor Carl Icahn has significantly increased his stake in CVR Energy, Inc., acquiring over 1.5 million shares valued at more than $27 million in April, making it his second-largest holding after Icahn Enterprises [1][2] - From April 3 to April 15, Icahn Enterprises purchased CVR Energy shares consistently, with prices rising from $16.11 to $18.12, indicating strong demand and confidence in the stock [2][3] - Daily purchases ranged from 60,000 to nearly 270,000 shares, reflecting Icahn's bullish stance on CVR Energy, suggesting a strategic move rather than a mere portfolio adjustment [3][4] Group 2 - CVR Energy operates in the refining and nitrogen fertilizer sectors and is now significantly influenced by Icahn, a prominent figure in Wall Street [4] - Icahn's history suggests that his investments often lead to active involvement in company operations, including potential boardroom changes and strategic shifts, indicating that his current stake may lead to transformative actions within CVR Energy [4]

Financial Performance - Net sales for 2024 were $9,193 million, down 17% from $11,077 million in 2023[417]. - The net loss attributable to Icahn Enterprises for 2024 was $445 million, compared to a loss of $684 million in 2023, representing a 35% improvement[417]. - Basic and diluted loss per LP unit improved from $(1.75) in 2023 to $(0.94) in 2024[417]. - The comprehensive loss attributable to Icahn Enterprises was $451 million in 2024, compared to $669 million in 2023, indicating a 33% improvement[418]. - Net loss for the year ended December 31, 2024, was $542 million, compared to a loss of $1,012 million in 2023[422]. - Cash provided by operating activities for 2024 was $832 million, a decrease from $3,736 million in 2023[422]. - The company reported interest and dividend income of $477 million in 2024, down from $636 million in 2023[417]. - The company declared distributions of $3.50 per LP unit in 2024, down from $6.00 in 2023[417]. Assets and Liabilities - Total assets decreased from $20,858 million in 2023 to $16,279 million in 2024, a decline of approximately 22%[416]. - Total liabilities decreased from $14,785 million in 2023 to $11,658 million in 2024, a reduction of approximately 21%[416]. - Cash and cash equivalents decreased from $2,951 million in 2023 to $2,603 million in 2024, a decline of about 12%[416]. - Total equity attributable to Icahn Enterprises decreased to $4,621 million as of December 31, 2024, from $5,658 million in 2023[420]. - Cash and cash equivalents at the end of 2024 were $5,239 million, down from $5,946 million at the end of 2023[422]. - The carrying value of the company's long-term debt as of December 31, 2024, was approximately $6.8 billion, with an estimated fair value of $6.6 billion[449]. Investment Activities - The company has an investment of approximately 64% in the Investment Funds, which mitigates the impact of fair value changes on its net gain from investment activities[396]. - The total fair market value of investments in the Investment Funds by Mr. Icahn and his affiliates was approximately $1.5 billion as of December 31, 2024, down from $2.1 billion in 2023[532]. - The Investment Funds issued a pro-rata cash distribution of $650 million in 2024, including $256 million to Mr. Icahn and his affiliates[532]. - The Investment segment had a fair value of approximately $2.7 billion as of December 31, 2024, down from $3.2 billion in 2023[426]. - The carrying value of equity securities decreased from $2.61 billion in 2023 to $2.24 billion in 2024, with significant reductions in the Energy and Utilities sectors[544]. - Unrealized losses related to securities held by the Investment segment were $187 million in 2024, down from $302 million in 2023[544]. Segment Performance - The company’s Energy segment relies on a positive spread between the cost of raw materials and the value of finished products to achieve gross margin, indicating exposure to commodity price fluctuations[397]. - The Automotive segment provides a full range of automotive repair and maintenance services, contributing to the company's diversified operations[428]. - The Pharma segment operates through Vivus LLC, which has two approved therapies and two product candidates in active clinical development[433]. - The Real Estate segment includes investment properties such as land, retail, office, and industrial properties, along with the development and sale of single-family homes[431]. - The Energy segment recorded revenue of $16 million, $46 million, and $86 million for the years ended December 31, 2024, 2023, and 2022, respectively, from deferred revenue[510]. Risks and Challenges - The company faces risks related to economic downturns, competition, and rising operating costs, which could materially affect its financial condition[7]. - The company is subject to risks associated with its investment activities, including the potential for significant losses due to leverage and market volatility[7]. - The company’s food packaging segment is exposed to foreign currency risks, with recorded translation losses in earnings of $9 million for the year ended December 31, 2024[402]. Debt and Interest Rates - As of December 31, 2024, the company has variable rate debt aggregating $483 million, with a 1.0% increase in interest rates potentially increasing interest expense by approximately $5 million annually[400]. - The company’s operating segments have additional borrowing availability subject to variable interest rates aggregating $306 million, increasing exposure to interest rate changes[400]. Other Financial Metrics - The company recorded a translation loss of $7 million and a gain of $5 million in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 respectively[402]. - The cost of goods sold decreased from $9,327 million in 2023 to $8,619 million in 2024, a reduction of approximately 8%[417]. - The company reported capital expenditures of $280 million in 2024, compared to $303 million in 2023[422]. - Partnership distributions increased to $391 million in 2024 from $307 million in 2023[422]. Bankruptcy and Deconsolidation - On January 31, 2023, Auto Plus, a subsidiary of Icahn Automotive, filed for bankruptcy, leading to its deconsolidation from the company's financial statements[429]. - Auto Plus filed for Chapter 11 bankruptcy on January 31, 2023, leading to a non-cash charge of $246 million for the company due to deconsolidation[530]. - The company loaned $17 million to Auto Plus under a debtor-in-possession credit facility, with an estimated cash collection of $11 million as of December 31, 2024, resulting in a write-off of $127 million[537]. Derivative Instruments - The total collateral posted across all counterparties was $1.5 billion in 2024, down from $1.7 billion in 2023[576]. - The total net derivative assets after netting were $18 million in 2024, compared to $39 million in 2023[576]. - The total net derivative liabilities after netting were $756 million in 2024, down from $979 million in 2023[576].