Core Viewpoint - The presentation discusses forward-looking statements regarding the future performance and plans of Icahn Enterprises L.P. and its subsidiaries, emphasizing the inherent uncertainties and risks involved in such projections [2][3]. Group 1: Forward-Looking Statements - The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made during the presentation, which may include expectations about future business and financial performance [2]. - Forward-looking statements are identified by terms such as expects, anticipates, intends, plans, believes, seeks, estimates, and will [2]. - Actual results may differ materially from expectations due to various known and unknown risks and uncertainties, including economic, competitive, and legal factors [3]. Group 2: Financial Measures - The presentation includes non-GAAP financial measures, such as adjusted EBITDA, which are reconciled to the most directly comparable GAAP financial measures [3][4].

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges, and funds excluding refining hedges were up approximately 5% [4] - The energy segment's consolidated EBITDA for Q3 2025 was $625 million, a significant improvement from a loss of $35 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million year-over-year, with same-store sales up by $21 million or 6% compared to the prior year quarter [10] - Real estate adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [11] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home fashion's adjusted EBITDA decreased by $4 million, attributed to softening demand in the U.S. retail and hospitality business [12] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [12] Market Data and Key Metrics Changes - The investment in EchoStar was highlighted as a significant contributor to performance, with the stock price increasing from the teens in June to approximately $75 per share by quarter-end [8] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging its brand name and history of proxy contests to drive shareholder value [15] - The management team emphasizes the importance of having the right jurisdictions, assets, scale, and a motivated management team to benefit from the AI infrastructure build-out in the electric utility sector [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact future performance [4] - The company maintains liquidity at the holding company level of $3.4 billion and $1.2 billion at subsidiaries, allowing it to capitalize on attractive opportunities [14] Other Important Information - The company has made significant changes to its automotive segment, including closing 89 underperforming locations and transferring most owned properties to the real estate segment [10][11] - The company is excited about a developmental drug for pulmonary arterial hypertension (PAH), with a trial expected to begin in Q1 2026 [12] Q&A Session Summary - No specific questions or answers were documented in the provided content, indicating that the call may have concluded without a Q&A segment or that the details were not included in the transcript [17]

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges, and funds excluding refining hedges up approximately 5% [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, compared to a loss of $35 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [10] - Real estate adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [11] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home fashion's adjusted EBITDA decreased by $4 million due to softening demand in the U.S. retail and hospitality business [12] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [12] Market Data and Key Metrics Changes - Southwest Gas (SWX) is expected to grow net income at a 14% CAGR between 2025 and 2029, outperforming many peers in the 6%-8% range [8] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging the Icahn brand name and a history of proxy contests to drive shareholder value [15] - The company aims to maintain liquidity to capitalize on opportunities within and outside existing operating segments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact CVI [4] - The company is excited about a developmental drug for pulmonary arterial hypertension (PAH) and has finalized a partner for the clinical trial [12] Other Important Information - The company closed on certain properties for a pre-tax gain of $223 million during the quarter [11] - The holding company had cash and investments in funds totaling $3.4 billion, with subsidiaries having cash and revolver availability of $1.2 billion as of quarter end [14] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, a significant improvement from a loss of $35 million in Q3 2024 [9] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [9] - Real estate segment adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [10] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [11] - Home fashion's adjusted EBITDA decreased by $4 million, attributed to softening demand in the U.S. retail and hospitality business [11] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [11] Market Data and Key Metrics Changes - The investment in EchoStar saw significant appreciation, with the stock price increasing from the teens in June to approximately $75 per share by quarter end [7] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging its brand name and history to drive shareholder value through proxy contests and board participation [15][16] - The company aims to capitalize on opportunities within and outside its existing operating segments while maintaining liquidity [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact future performance [4] - The company anticipates enhanced profitability in the automotive segment as it fine-tunes its strategies [9] - There is excitement about a developmental drug for pulmonary arterial hypertension (PAH), with a trial set to begin in Q1 2026 [11] Other Important Information - The company maintains liquidity of $3.4 billion at the holding company level and $1.2 billion at its subsidiaries as of quarter end [12] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Highlights - Q3 2025 net income attributable to IEP was $287 million, or $049 per depositary unit, compared to $22 million, or $005 per depositary unit, for Q3 2024[6] - Q3 2025 Adjusted EBITDA attributable to IEP was $383 million compared to $183 million for Q3 2024[6] - Indicative net asset value as of September 30, 2025, was approximately $38 billion, an increase of $567 million compared to June 30, 2025[6] - IEP declares third quarter distribution of $050 per depositary unit[6] Segment Performance - Energy segment net income was $258 million in Q3 2025, compared to a loss of $88 million in Q3 2024[9] - Energy segment Adjusted EBITDA was $409 million in Q3 2025, compared to a loss of $38 million in Q3 2024[9] - Investment segment returns were negative 05% for Q3 2025[13, 15] - Automotive Services revenue was $366 million, up $11 million when compared to Q3 2024[25] - Food Packaging Q3 2025 Adjusted EBITDA attributable to IEP decreased by $8 million compared to prior year quarter[32]

Financial Performance - For Q3 2025, revenues were $2.7 billion, a decrease of 3.6% from $2.8 billion in Q3 2024[2] - Net income for Q3 2025 was $287 million, compared to $22 million in Q3 2024, representing a significant increase[2] - Adjusted EBITDA for Q3 2025 was $383 million, up from $183 million in Q3 2024, indicating a year-over-year growth of 109.8%[2][6] - For the nine months ended September 30, 2025, revenues totaled $7.0 billion, down from $7.5 billion in the same period of 2024[3] - The net loss for the nine months ended September 30, 2025, was $300 million, an improvement from a loss of $347 million in the same period of 2024[3] - Adjusted EBITDA for the three months ended September 30, 2025, was $594 million, compared to $291 million for the same period in 2024, representing a 104% increase[24] - Net income for the three months ended September 30, 2025, was $411 million, up from $80 million in the same period of 2024[24] - EBITDA before non-controlling interests for the nine months ended September 30, 2025, was $337 million, significantly higher than $168 million for the same period in 2024[24] - The company reported a loss of $370 million for the nine months ended September 30, 2025, compared to a loss of $432 million for the same period in 2024[24] Asset and Liability Management - As of September 30, 2025, the indicative net asset value increased by $567 million to approximately $3.8 billion compared to June 30, 2025[4][6] - The total liabilities as of September 30, 2025, were $11.4 billion, a slight decrease from $11.7 billion at the end of 2024[13] - Cash and cash equivalents were reported at $1.8 billion as of September 30, 2025, down from $2.6 billion at the end of 2024[13] - Total market-valued subsidiaries and investments increased to $5,043 million as of September 30, 2025, from $4,379 million as of June 30, 2025, reflecting a 15% growth[22] - Indicative net asset value rose to $3,820 million as of September 30, 2025, compared to $3,253 million as of June 30, 2025, marking a 17% increase[22] Segment Performance - The company's real estate segment reported an indicative gross asset value of $692 million as of September 30, 2025, slightly down from $715 million as of June 30, 2025[22] - The automotive services segment's indicative net asset value was $1,279 million as of September 30, 2025, up from $1,194 million as of June 30, 2025, reflecting a 7% increase[22] Interest and Valuation - Interest expense for the three months ended September 30, 2025, was $95 million, compared to $73 million in the same period of 2024, indicating a 30% increase[24] - Management performed a valuation of Viskase with third-party consultants, indicating a significant decline in trailing twelve-month Adjusted EBITDA, which is now considered volatile[23] Distribution - The company declared a quarterly distribution of $0.50 per depositary unit, to be paid on or about December 24, 2025[5][6] Company Operations - The company operates in various sectors including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma[7]

Exclusive: Carl Icahn is trying to revive the fortunes of Icahn Enterprises, the publicly traded company that houses his investments, after a 2023 short-seller attack shaved billions off its market value and his own net worth https://t.co/y4t6W0X0hI ...

Core Points - Icahn Enterprises L.P. will discuss its third quarter 2025 results on a webcast scheduled for November 5, 2025, at 10:00 a.m. Eastern Time [1] - The company is a diversified holding entity engaged in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [2] Company Information - Icahn Enterprises L.P. is structured as a master limited partnership [2] - The company has a dedicated investor contact, Ted Papapostolou, Chief Financial Officer, available for inquiries [2]

Core Insights - The Conservative Income Portfolio aims to target high-value stocks with significant margins of safety while utilizing well-priced options to reduce investment volatility [1] - The Enhanced Equity Income Solutions Portfolio is structured to generate yields between 7-9% while minimizing volatility [1] - Icahn Enterprises L.P. (NASDAQ: IEP) was downgraded to a "Strong Sell" in the latest coverage, indicating a negative outlook on the stock [1] Group 1 - Trapping Value provides Covered Calls, while Preferred Stock Trader focuses on Fixed Income investments [1] - The Covered Calls Portfolio is designed for lower volatility income investing with an emphasis on capital preservation [1] - The fixed income portfolio aims to acquire securities that offer high income potential and are significantly undervalued compared to peers [1] Group 2 - Trapping Value consists of a team of analysts with over 40 years of combined experience in generating options income while prioritizing capital preservation [2] - The investing group operates the Conservative Income Portfolio in collaboration with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [2]

Core Insights - Carl Icahn's Icahn Enterprises portfolio is valued at $7.89 billion, with the top five holdings comprising 89.74% of total assets, indicating a highly concentrated investment strategy [1][7] Group 1: Portfolio Overview - The largest position is Icahn Enterprises (IEP), valued at $3.98 billion, representing 50.47% of the total portfolio, highlighting Icahn's alignment with shareholders [2] - CVR Energy Inc. (CVI) is the second-largest position, valued at $1.89 billion, accounting for 23.97% of the portfolio, reflecting confidence in its cash generation potential [3] - Southwest Gas Holdings (SWX) holds a value of $560 million, making up 7.11% of the portfolio, with Icahn advocating for strategic changes [4] - CVR Partners LP (UAN) is valued at $370 million, representing 4.69% of the portfolio, linked to agricultural commodity prices [5] - International Flavors & Fragrances (IFF) rounds out the top five with a value of $276 million, accounting for 3.50% of the portfolio, focusing on operational improvements [6] Group 2: Investment Strategy - The portfolio's concentration underscores Icahn's activist investment style, characterized by significant positions in companies where he believes shareholder value can be unlocked through strategic changes [7]