Financial Data and Key Metrics Changes - For the nine months ended September 30, 2021, indicative net asset value increased by $1.8 billion to $5.4 billion compared to $3.6 billion as of December 31, 2020 [17] - Net income improved by $566 million over the prior year period with a net loss attributable to Icahn Enterprises of $148 million or $0.55 per LP unit, compared to a net loss of $714 million or $3.14 per LP unit in the prior year period [18] - Adjusted EBITDA for Q3 2021 improved by $638 million to $88 million compared to a loss of $550 million in Q3 of 2020 [19] Business Line Data and Key Metrics Changes - Energy segment reported net sales of $1.9 billion for Q3 2021, compared to $1 billion in the prior year period, with consolidated adjusted EBITDA of $243 million for Q3 2021, compared to a loss of $39 million in Q3 2020 [37] - Automotive segment's Q3 2021 adjusted EBITDA was $14 million compared to $6 million in the prior year period, driven by improved operations and gross margins [40] - Food Packaging segment's net sales decreased by $1 million or approximately 1%, with adjusted EBITDA attributable to Icahn Enterprises at $11 million for Q3 2021, compared to $12 million for Q3 2020 [43] Market Data and Key Metrics Changes - The investment funds had a positive return of 8.8% year-to-date Q3, with a slightly negative return of 1.8% for Q3 2021, significantly improved from negative returns of 18.8% and 11.8% in the comparable prior year periods [34] - CVR Partners reported Q3 2021 EBITDA of $64 million, compared to $15 million for Q3 2020, driven by higher crop prices and tight fertilizer supplies [39] Company Strategy and Development Direction - The company is focusing on an activist strategy, highlighted by the tender offer to acquire Southwest Gas Holdings for $75 a share, reflecting a long track record of activism [9][10] - The company intends to be at the forefront of the green revolution with investments in renewable fuels, including a planned conversion of the Wynnewood refinery to renewable diesel production [22][23] - The Automotive segment is positioned for consolidation in a fragmented industry, with over 50% of the market made up of smaller chains and independent operators [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the COVID-19 pandemic and the need for strategic flexibility, with a focus on maintaining ample liquidity to capitalize on opportunities [49][50] - The company expects pricing adjustments in the Food Packaging segment to align with rising raw material and distribution costs, anticipating a recovery in pricing through Q4 and into 2022 [82] Other Important Information - The company declared a $2 quarterly distribution payable in cash or additional units, representing an annual yield of almost 14% [12] - The company closed the quarter with holding company cash and investments in the funds of $5.9 billion, providing significant strategic flexibility [30] Q&A Session Summary Question: Differentiation in the hedging strategy - Management explained that the current strategy is more formulaic, focusing on single names and industry hedges rather than broad market hedges as in 2020 [52] Question: Update on Auto segment and real estate optimization - Management indicated that there are approximately 56 properties remaining to lease out from a total of 216, with ongoing efforts to fill vacancies [55] Question: Short exposure breakdown in the investment portfolio - Management provided details on the current short exposure, indicating about 9% long in equities and about 20% short in credit [59] Question: Cash deployment at the holding company - Management clarified that a notable item in Q3 was the removal of an external facility at the Automotive Group, which was replaced with internal cash [66] Question: Proceeds from the PSC Metals sale - Management estimated net proceeds from the sale to be in the range of $300 million to $310 million, with minimal tax leakage expected [71][73] Question: Sales decrease in the Food Packaging segment - Management attributed the decrease to a maintenance issue and a lack of the COVID-related volume bump experienced in the previous year [80]

Table of Contents | UNITED STATES SECURITIES AND EXCHANGE COMMISSION | | | --- | --- | | Washington, D.C. 20549 | | | FORM 10-Q | | | (Mark one) | | | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the Quarterly Period Ended September 30, 2021 | | | OR | | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the Transition Period from to | | | (State or Other | | | (Exact Name of Registrant as Specified in ...

Icahn Enterprises L.P. Q2 2021 Earnings Presentation August 6, 2021 1 21418 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans ...

Financial Data and Key Metrics Changes - For Q2 2021, the company reported a net loss attributable to Icahn Enterprises of $136 million or $0.53 per LP unit, compared to a net income of $299 million or $1.36 per LP unit in the prior year period [8][15] - Adjusted EBITDA attributable to Icahn Enterprises for Q2 2021 was $192 million, down from $696 million in Q2 2020 [9][15] - The indicative net asset value increased by $956 million to $4.5 billion as of June 30, 2021, compared to $3.55 billion as of December 31, 2020 [12] Business Segment Data and Key Metrics Changes - Investment segment net income attributable to Icahn Enterprises was $68 million for Q2 2021, with a positive return of 1.4%, down from 11.7% in the prior year [16] - Energy segment reported net sales of $1.8 billion for Q2 2021, compared to $675 million in the prior year, with adjusted EBITDA of $102 million, down from $109 million [18] - Automotive segment net sales and service revenues were $637 million for Q2 2021, an increase of $50 million from the prior year, with adjusted EBITDA of $25 million compared to a loss of $6 million [19] - Food Packaging segment net sales increased by 2% to $14 million in adjusted EBITDA for Q2 2021, compared to $13 million in Q2 2020 [20] - Metal segment net sales increased by $119 million, with adjusted EBITDA increasing by $15 million compared to the prior year [22] - Real Estate segment adjusted EBITDA was a loss of $2 million compared to earnings of $10 million in the prior year [23] - Pharma segment net operating revenues were $19 million with adjusted EBITDA of $5 million [25] Market Data and Key Metrics Changes - The company ended Q2 2021 with cash, cash equivalents, and investments totaling approximately $7.5 billion, with subsidiaries holding approximately $645 million in cash [26] Company Strategy and Development Direction - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities within and outside existing operating segments [27] - Icahn Automotive Group is implementing a multiyear transformational plan to restructure operations and improve profitability [11] Management's Comments on Operating Environment and Future Outlook - Management noted a good rebound in portfolio companies to pre-pandemic levels, although supply chain lags and inflation pressures remain challenges [36] - The company is experiencing a typical lag between supplier price increases and the ability to pass those increases onto customers [42] Other Important Information - The board declared a $2 quarterly distribution payable in cash or additional units [12] - Carl Icahn has been consistently taking stock instead of cash for dividends, which increases his ownership in the company [51][53] Q&A Session Summary Question: Current investment backdrop and fund positioning - Management clarified that the $6.9 billion includes cash at the holding company level, while the investment in the funds remains at $4.7 billion [30][31] Question: Returns for the second quarter and short positions - Management indicated that short positions negatively impacted performance, but other expenses were minimal [32][34] Question: Business segments lagging pre-pandemic levels - Management noted that most segments are rebounding well, but supply chain issues persist [35][36] Question: Dividend funding and sustainability - Management confirmed that funding the dividend is not an issue due to ample cash reserves [47] Question: Impact of Carl Icahn's stock ownership on dividends - Management acknowledged that Carl Icahn's practice of taking stock instead of cash increases his ownership in the company [51][53] Question: Loss in real estate segment - Management explained that delays in repositioning a property due to COVID-19 affected the real estate segment's performance [71] Question: Crypto investments and reporting - Management stated that if significant investments in crypto occur, they would be identified separately in reporting [72]

Table of Contents i Item 6. Exhibits 60 Table of Contents EXPLANATORY NOTE This Quarterly Report on Form 10-Q (this "Report") is a joint report being filed by Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. Each registrant hereto is filing on its own behalf all of the information contained in this Report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. FO ...

Q1 2021 Financial Highlights - Icahn Enterprises' net income attributable was $162 million, or $065 per depositary unit[4] - Revenues reached $3384 million compared to a loss of $60 million in the same period last year[5] - Net income was $599 million, a significant turnaround from a loss of $2306 million in Q1 2020[5] Segment Performance - The Investment segment reported net income attributable to Icahn Enterprises of $391 million, a substantial increase from a loss of $926 million in Q1 2020[7] - Energy segment reported a net loss attributable to Icahn Enterprises of $33 million, compared to a loss of $68 million in Q1 2020[7] - Automotive segment's net loss was $46 million, an improvement from a loss of $73 million in the prior year's quarter[7] - Food Packaging segment had a net loss of $1 million, compared to a loss of $3 million in Q1 2020[7] - Metals segment reported net income of $5 million, compared to a loss of $3 million in Q1 2020[7] - Pharma segment reported net income of $8 million[7] Liquidity and Asset Value - Total liquidity stood at $7188 million, including $1134 million in Holding Company cash and cash equivalents and $4660 million in Holding Company Investment in Investment Funds[29] - Indicative Net Asset Value was $4216 million, compared to $3699 million in the same period last year[30]

Financial Data and Key Metrics Changes - For Q1 2021, the company reported net income attributable to Icahn Enterprises of $162 million or $0.65 per LP unit, a significant recovery from a net loss of $1.4 billion or $6.34 per LP unit in the prior year period [5][11] - Adjusted EBITDA attributable to Icahn Enterprises for Q1 2021 was $435 million, compared to a loss of $1.3 billion in Q1 2020 [6][12] - The investment funds achieved a positive return of 9.2% in Q1 2021, a recovery from a negative return of 17.6% in Q1 2020 [6][12] Business Segment Data and Key Metrics Changes - The investment segment had net income attributable to Icahn Enterprises of $391 million for Q1 2021, with long positions contributing positively [12] - The energy segment reported net sales of $1.5 billion and break-even consolidated adjusted EBITDA, compared to net sales of $1.1 billion and a loss of $38 million in the prior year [14] - The automotive segment's net sales and service revenues were $598 million, down $37 million from the prior year, but adjusted EBITDA improved to a loss of $9 million from a loss of $42 million [17][18] - The food packaging segment saw a 3% increase in net sales, while the metal segment's net sales increased by $34 million [19][20] - The real estate segment's net operating revenues decreased by $5 million, and the home fashion segment's net sales decreased by $9 million [20][21] - The pharma segment, which began consolidating results from Visas, reported net operating revenues of $30 million [22] Market Data and Key Metrics Changes - The energy segment's throughput increased to approximately 186,000 barrels per day from 157,000 barrels per day in Q1 2020 [14] - Refining margin per throughput barrel improved to $3.05 in Q1 2021 from $0.52 in the same period in 2020 [15] Company Strategy and Development Direction - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities within and outside existing operating segments [22] - The automotive segment is undergoing a multi-year transformational plan to restructure operations and improve profitability, with a focus on the service side of the business [18][30] - The company has completed the legal separation of its automotive service business from its aftermarket parts business to enhance growth opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in demand and profitability in the automotive service business, citing pent-up demand and favorable market conditions [30] - The new CEO, Eris Caucasian, emphasized continuity in strategy and plans laid out by the previous management, focusing on M&A opportunities [33] Other Important Information - The company ended Q1 2021 with cash and investments totaling over $6.6 billion, maintaining ample liquidity to pursue attractive opportunities [10][22] - The company issued $750 million of senior unsecured notes in January 2021 and $455 million in April 2021 to manage its debt [9] Q&A Session Summary Question: Current backdrop and investment strategy - Management noted a reduction in net short positions and an increase in long positions, identifying value in activist investments [25][26][28] Question: Impact of the pandemic on the automotive segment - The pandemic accelerated the closure of unprofitable parts stores, but the service side is expected to see significant improvement in profitability [29][30] Question: Future direction under new leadership - The new CEO indicated no significant changes in strategy, focusing on continuous progress and leveraging his M&A background [33] Question: Suggestions for diversification - A participant suggested considering investments in military contractors and green energy assets for diversification [37]

Table of Contents EXPLANATORY NOTE This Quarterly Report on Form 10-Q (this "Report") is a joint report being filed by Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. Each registrant hereto is filing on its own behalf all of the information contained in this Report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information. FORWARD-LOOKING STATEMENTS This Report con ...

Financial Data and Key Metrics Changes - For Q4 2020, net income attributable to Icahn Enterprises was $146 million or $0.61 per LP unit, compared to a net loss of $157 million or $0.74 per LP unit in the prior year period [6][15] - Adjusted EBITDA attributable to Icahn Enterprises for Q4 2020 was $420 million, compared to $111 million in Q4 2019 [6][15] - The investment funds had a positive return of 5.6% in Q4 2020, compared to a positive return of 0.2% for Q4 2019 [7][16] Business Segment Data and Key Metrics Changes - The energy segment reported net sales of $1.1 billion in Q4 2020, down from $1.6 billion in the prior year period, with adjusted EBITDA of $1 million compared to $142 million [18] - The automotive segment had net sales and service revenues of $596 million for Q4 2020, down $107 million from the prior year period, with adjusted EBITDA showing a loss of $3 million compared to a loss of $31 million in the prior year [21][22] - The food packaging segment saw net sales increase by $8 million or 8%, with adjusted EBITDA rising to $14 million from $8 million in the prior year [23] - The metal segment experienced a $40 million increase in net sales and a $16 million increase in adjusted EBITDA compared to the prior year [24] - The real estate segment's net operating revenues increased by $12 million, with adjusted EBITDA rising by $2 million compared to the prior year [25] - The home fashion segment's net sales decreased by $5 million, with adjusted EBITDA showing a loss of $2 million compared to a loss of $1 million in the prior year [26] - The pharma segment reported adjusted EBITDA of $1 million following the acquisition of VIVUS [27] Market Data and Key Metrics Changes - The energy segment's refining margin per throughput barrel was $1.32 in Q4 2020, down from $12.47 during the same period in 2019, impacted by narrow crack spreads and increased costs [19] Company Strategy and Development Direction - The company is focused on building asset value and maintaining ample liquidity to capitalize on opportunities within and outside existing operating segments [28][29] - Icahn Automotive Group is implementing a multi-year transformational plan to restructure operations and improve profitability [9][22] - The company is exploring growth opportunities in the pharma sector following the acquisition of VIVUS, with a focus on existing commercial drugs and pipeline candidates [11][34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the impact of the COVID-19 pandemic on various segments, particularly in automotive and energy, while expressing optimism about new investment opportunities in the market [9][12][33] - The company maintains a strong liquidity position, with cash and investments totaling over $6.6 billion at the end of Q4 2020 [28] Other Important Information - The company issued $750 million of senior unsecured notes in January 2021 and repaid $750 million of existing notes, reducing annual interest expense and extending debt maturity [12] Q&A Session Summary Question: Follow-up on new investments and opportunities - Management indicated that new investments have been active at the fund level, focusing on undervalued positions with potential for activism [33] Question: Inquiry about the pharma segment and VIVUS acquisition - Management stated that while they are focused on current operations, they are open to expanding the pharma segment if value-creating opportunities arise [34] Question: Clarification on EBITDA attribution for the food packaging segment - Management explained that the ownership percentage affected the EBITDA attribution, as the equity offering occurred in Q4 [40][41]

| --- | --- | |-------|-------------------------------------| | | | | | Icahn Enterprises L.P. | | | Q4 2020 Earnings Presentation | | | February 26, 2021 | Safe Harbor Statement Forward‐Looking Statements and Non‐GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward‐looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward‐looking statemen ...