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 ...

Core Insights - The Summer Ignite program aims to address workforce demand in the transportation and automotive repair industries by providing hands-on training and insights into the field [2][3] - The program allows students to earn transfer credits towards future UTI programs, thereby reducing their educational costs [2] - The partnership between Universal Technical Institute (UTI) and NAPA has been ongoing since 2021, focusing on supporting careers in transportation and aftermarket auto repair [4] Company Overview - Universal Technical Institute, Inc. (UTI) is a leading workforce solutions provider founded in 1965, offering education and support services for in-demand careers through its UTI and Concorde Career Colleges divisions [7] - UTI operates 15 campuses across nine states, providing a variety of training programs in transportation, skilled trades, electrical, and energy sectors [7] - NAPA has the largest network of auto parts stores and auto care centers in the U.S., with nearly 6,000 stores and over 16,000 service centers, supported by approximately 800,000 available parts [9] Program Details - The Summer Ignite program consists of a three-week hands-on training session designed to expose students to technology-driven transportation careers [3][4] - Applications for the program are currently open, with sessions scheduled at various UTI campuses starting from June 2, 2025, to July 23, 2025 [8] - NAPA provides three uniform shirts free of charge to all Summer Ignite students, enhancing the program's appeal [4] Industry Context - The demand for skilled automotive technicians remains high, with the program targeting Gen Z students who are exploring educational paths outside traditional four-year degrees [3][5] - The initiative is seen as a valuable opportunity for young people to gain practical experience and potentially pursue careers in the automotive field [5]

今年5月，华北地区遭遇强对流天气，不少露天停放的车辆遭遇冰雹袭击。对于修复凹痕，许多车主会本能地认为必须通过钣金喷漆来修复。那么，冰 雹砸了车就一定要这样维修吗？ 万事不决 钣金喷漆？ 到底要不要钣金喷漆，主要看漆面受损情况。车身覆盖件损伤主要包括自然侵蚀、物理损伤、化学腐蚀、养护不当等，冰雹这类伤害属于碰撞变形，由 于汽车的覆盖件主要是1mm厚的镀锌钢板或铝合金加上复合材料组成，当遭遇外力时，钢板产生塑性形变，从而产生凹坑。不过，与剐蹭相比，冰雹的损 伤还有一个特点就是几乎不会伤到漆面本身。 由冰雹冲击产生的损伤，几乎只存在于钢板本身，而漆面几乎无破损、无开裂。这种情况，并不建议钣喷修复。 所谓钣金喷漆，大致流程为车身拆解，遮蔽保护，清除旧漆面，使用砂纸机打磨损伤区域至金属基材，然后进行钣金校正。对于冰雹产生的凹陷，使用 吸盘式拉拔器配合木槌敲击复位。对于较深的凹陷，还需要焊接钣金介子，通过液压拉伸机复位，然后找平处理。处理好金属基材后，就是腻子施工、打 磨、喷涂底漆、中涂、色漆、清漆、抛光后完成修复。 钣喷修复的最大特点，夸张点儿形容就是粗暴。这样的程序会让你和原厂漆面说再见，同时也会将原厂的部分防腐处理 ...

Core Viewpoint - Monro Muffler Brake (MNRO) has received an upgrade to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Impact - Changes in a company's future earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [3]. - Institutional investors utilize earnings estimates to calculate the fair value of a company's shares, leading to buying or selling actions that affect stock prices [3]. Monro's Earnings Outlook - The rising earnings estimates for Monro indicate an improvement in the company's underlying business, which is expected to positively influence its stock price [4]. - Monro is projected to earn $0.62 per share for the fiscal year ending March 2025, reflecting a year-over-year change of -53.4% [7]. Zacks Rank System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. - The upgrade of Monro to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [9]. Earnings Estimate Revisions - Over the past three months, the Zacks Consensus Estimate for Monro has increased by 9.4%, indicating positive sentiment among analysts [7]. - The Zacks rating system maintains a balanced approach, ensuring an equal proportion of 'buy' and 'sell' ratings across its universe of stocks [8].

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]