Group 1 - Carl Icahn's portfolio reached $9.14 billion in Q3, characterized by concentrated and contrarian investments, with a notable reshuffle this quarter [1] - Icahn completely liquidated his 34.7 million-share stake in Bausch Health Companies Inc, which had declined by 75%, indicating a significant shift in sentiment [2] - Southwest Gas Holdings Inc also saw a reduction in exposure, suggesting Icahn is moving away from underperforming holdings [3] Group 2 - A new significant investment was made in EchoStar Corp, where Icahn added 4.35 million shares, making it one of his top five positions at 3.64% of the portfolio [4] - Icahn increased his stake in Centuri Holdings Inc by 32% and in International Flavors & Fragrances Inc by 26%, despite their challenging performance [5] - In a rare move, Icahn tripled his position in Monro Inc, indicating a focus on turning around struggling companies [5] Group 3 - Icahn's portfolio remains highly concentrated, with 98.5% of capital in just 10 stocks, and Icahn Enterprises LP accounts for nearly 48% of total assets [6] - Despite the stock being down 80%, Icahn added another 24 million shares of Icahn Enterprises, showcasing his strong conviction [6] - The reshuffle reflects a strategic shift, with the sale of Bausch indicating a rare retreat, while the investment in EchoStar highlights a continued focus on value opportunities [7]

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Company Overview - Monro, formerly known as Monro Muffler Brake, provides automotive undercar repair and tire services across the United States, operating over 1,100 repair shops and tire dealers in 32 states [1][4] - The company offers a variety of services including brake repair, muffler and exhaust system services, steering, drive train, suspension, wheel alignment, tire replacement, and routine maintenance [1] Recent Challenges - Monro has faced significant challenges due to macroeconomic factors such as lower consumer demand, increased material and labor costs, and a shift towards lower-margin tire products, leading to a 4.9% decrease in sales for fiscal year 2025 [4] - The company announced the closure of approximately 145 underperforming locations as part of its response to these challenges [4] Financial Performance - The third-quarter earnings report disappointed investors with weaker-than-expected revenue and no specific financial guidance for the upcoming fiscal year, resulting in a 16.7% drop in share price the following day [5] - Monro's shares have underperformed significantly, down 44.73%, 66.73%, and 63.25% over the past 1-, 3-, and 5-year periods, respectively, prior to Carl Icahn's announcement of his stake in the company [6] Activist Involvement - Carl Icahn disclosed a 14.79% ownership position in Monro, with 67% of this stake acquired following the stock's downturn on October 29 [3][6] - Icahn's history in the automotive parts and services industry, including previous acquisitions, suggests he views Monro as a significantly undervalued business [7][12] Corporate Governance Changes - Monro is set to collapse its dual-class share structure, which previously granted veto power to a sole Class C shareholder, Peter Solomon, thereby transitioning towards a more collaborative and productive board structure [8][9] - This change is expected to occur before the 2026 annual meeting, allowing for a more publicly accountable governance model [8] Future Outlook - The potential for a reconstituted board under Icahn's influence could lead to improved management accountability and strategic direction for Monro [9][11] - While Icahn's primary motivation may be to invest in a good company at an inflection point, there remains speculation about the possibility of a future acquisition of Monro by Icahn Enterprises [13]

Financial Performance - Net sales for the three months ended September 30, 2025, increased to $2,316 million, up 3.8% from $2,231 million in the same period of 2024[11]. - Net income attributable to Icahn Enterprises for the three months ended September 30, 2025, was $287 million, compared to $22 million in the same period of 2024, indicating a significant increase[11]. - Comprehensive income attributable to Icahn Enterprises for the three months ended September 30, 2025, was $284 million, compared to $28 million in the same period of 2024[12]. - The net loss attributable to Icahn Enterprises for Q3 2025 was $287 million, compared to a net income of $22 million in Q3 2024, marking a significant decline[132]. - For the nine months ended September 30, 2025, the company reported a pre-tax loss of $362 million with an income tax expense of $8 million, resulting in an effective tax rate of (2.2)%[142]. - The company reported a net loss from investment activities of $48 million for the three months ended September 30, 2025, compared to a gain of $257 million in the same period of 2024[11]. - The company incurred a restructuring expense of $7 million for the nine months ended September 30, 2025, compared to $1 million in 2024[133]. Assets and Liabilities - Total assets decreased from $16,279 million as of December 31, 2024, to $14,826 million as of September 30, 2025, representing a decline of approximately 8.9%[10]. - Total liabilities decreased from $11,658 million as of December 31, 2024, to $11,407 million as of September 30, 2025, a reduction of approximately 2.1%[10]. - The equity attributable to Icahn Enterprises decreased from $2,466 million as of December 31, 2024, to $1,950 million as of September 30, 2025, a decrease of approximately 21%[10]. - Cash and cash equivalents decreased from $2,603 million as of December 31, 2024, to $1,787 million as of September 30, 2025, a decline of approximately 31.3%[10]. - The carrying value of long-term debt as of September 30, 2025, was approximately $6.7 billion, with an estimated fair value of $6.6 billion[45]. - As of September 30, 2025, total debt amounted to $6,688 million, a decrease from $6,809 million as of December 31, 2024[116]. Segment Performance - The Energy segment recognized revenue of $49 million for the nine months ended September 30, 2025, compared to $14 million for the same period in 2024[59]. - The Energy segment generated revenues of $5,352 million for the nine months ended September 30, 2025, compared to $5,663 million in 2024, reflecting a decrease of about 5.5%[135]. - The Automotive segment reported net sales of $218 million in Q3 2025, slightly up from $216 million in Q3 2024, indicating a marginal increase of 0.9%[132]. - The Automotive segment's raw materials inventory was $294 million as of September 30, 2025, slightly up from $293 million as of December 31, 2024[104]. - The Real Estate segment sold properties for total consideration of $247 million, resulting in a pre-tax gain of $223 million in August 2025[32]. - The Energy segment's net sales increased by $111 million (6%) for the three months ended September 30, 2025, driven by higher sales volumes and prices in the petroleum business[200]. Cash Flow and Investments - The net cash provided by operating activities for the nine months ended September 30, 2025, was $108 million, down from $588 million in 2024[19]. - The total cash and cash equivalents at the end of the period was $4.025 billion, compared to $4.734 billion at the end of the previous year[19]. - The company recognized equity method investments of $74 million for the nine months ended September 30, 2025[163]. - The total fair market value of investments in the Investment Funds was approximately $2.4 billion as of September 30, 2025, down from $2.7 billion as of December 31, 2024[183]. - The Investment Funds' returns for the three months ended September 30, 2025, were (0.5)%, a significant decline from 7.6% in the same period of 2024[186]. Capital Expenditures - Capital expenditures for Q3 2025 totaled $82 million, compared to $58 million in Q3 2024, reflecting an increase of approximately 41.4%[132]. - Capital expenditures for the nine months ended September 30, 2025, amounted to $266 million, an increase from $192 million in 2024, representing an increase of approximately 38.5%[133]. Tax and Legal Matters - For the three months ended September 30, 2025, the company recorded a pre-tax income of $538 million and an income tax expense of $127 million, resulting in an effective tax rate of 23.7%[139]. - A lawsuit related to a 2023 fire at the Wynnewood Refinery has a settlement demand of $60 million, with trial set for January 6, 2026[155]. Strategic Initiatives - The company is considering potential strategic transactions involving CVR Energy, including acquisitions of refining assets[176]. - The merger agreement with Enzon Pharmaceuticals is expected to close in Q1 2026, with Icahn Enterprises anticipated to own between 92% and 93% of the combined company[174].

Core Market Performance - The core markets of copper, gold, and iron ore are performing strongly, driven by customers' efforts to maximize production and favorable commodity prices [3] - Positive activity levels are observed in both original equipment and aftermarket segments [3] Demand Influences - Demand in the quarter was slightly affected by disruptions in certain copper mines and a decline in demand for diamonds, platinum group metals, and mineral sands [4] - Despite these short-term effects, overall activity levels in global mining markets remain positive [4] Business Resilience - The diversified and resilient nature of the business continues to deliver growth, supported by strong performance in the Minerals and ESCO divisions [4][5]

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]