Q4 2025 Earnings Presentation Icahn Enterprises L.P. February 25, 2026 1 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 "believes," "expects," "potential," "continues ...

The share price of CVR Energy, Inc. (NYSE:CVI) fell by 8.47% between February 11 and February 18, 2026, putting it among the Energy Stocks that Lost the Most This Week. CVR Energy (CVI) Posts Results for Q4 2025 CVR Energy, Inc. (NYSE:CVI) is primarily engaged in renewable fuels, petroleum refining and marketing, and nitrogen fertilizer manufacturing in North America. CVR Energy, Inc. (NYSE:CVI) posted its Q4 2025 results on February 18. The company reported an adjusted loss per share of $0.80, slightly ...

Core Viewpoint - CVR Energy, Inc. has experienced a significant decline in share price and is facing operational challenges, leading to projected net losses for Q4 2025, which contrasts sharply with the previous year's performance [1][3][4]. Group 1: Company Overview - CVR Energy, Inc. is involved in renewable fuels, petroleum refining, marketing, and nitrogen fertilizer manufacturing in North America [2]. Group 2: Financial Performance - For Q4 2025, CVR Energy estimates a net loss attributable to shareholders between $105 million and $120 million, compared to a net profit of $28 million in the same quarter last year [3]. - The company's refining throughput for Q4 2025 is projected to be between 210,000 and 220,000 barrels per day, slightly lower than the previous year's throughput of 214,000 bpd [3]. Group 3: Operational Challenges - The ammonia utilization rate for Q4 2025 is expected to be 60%-65%, a significant drop from 96% in the same period last year, due to operational challenges and a prolonged maintenance shutdown at the Coffeyville fertilizer plant [4]. Group 4: Analyst Ratings - On January 29, JPMorgan reduced its price target for CVR Energy from $22 to $21 while maintaining an 'Underweight' rating on the shares, following the company's earnings update [5].

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 Results - Q2 2025 net loss attributable to IEP was $165 million, compared to a net loss of $331 million for Q2 2024[6] - Q2 2025 Adjusted EBITDA loss attributable to IEP was $43 million, compared to an Adjusted EBITDA loss of $155 million for Q2 2024[6] - Indicative net asset value as of June 30, 2025, was approximately $3.3 billion, an increase of $252 million compared to March 31, 2025[6] - The company declares a second quarter distribution of $0.50 per depositary unit[6] Segment Performance - Energy segment: Adjusted EBITDA decreased by $127 million to a loss of $24 million for Q2 2025 compared to $103 million in Q2 2024[17, 20] - Automotive segment: Adjusted EBITDA decreased $27 million for Q2 2025 compared to Q2 2024, impacted by higher labor costs and operating expenses[23, 24] - Investment segment: Returns of negative 0.5% for Q2 2025[12, 14] - All Other Segments: Q2 2025 Adjusted EBITDA attributable to IEP was $17 million compared to $28 million for Q2 2024[31] Energy Segment Details - Refining margin for Q2 2025 was $2.21 per throughput barrel, compared to $10.94 during Q2 2024[17, 20] - Renewable margin for Q2 2025 was $0.38 per vegetable oil throughput gallon, compared to $0.43 in Q2 2024[17, 20] - Q2 2025 average realized gate prices for UAN increased by 18% to $317 per ton and ammonia increased by 14% to $593 per ton when compared to Q2 2024[17, 19]

Core Points - CVR Energy reported a net loss of $114 million for Q2 2025, a significant decline from a net income of $21 million in Q2 2024, resulting in a loss per diluted share of $1.14 compared to earnings of $0.21 per share in the previous year [1][8] - The company's adjusted loss for Q2 2025 was 23 cents per diluted share, contrasting with adjusted earnings of 9 cents per diluted share in Q2 2024 [1][8] - EBITDA loss for Q2 2025 was $24 million, down from an EBITDA of $103 million in Q2 2024, while adjusted EBITDA increased to $99 million from $87 million year-over-year [1][8] Financial Performance - The Petroleum Segment experienced a net loss of $137 million and an EBITDA loss of $84 million in Q2 2025, compared to a net income of $18 million and EBITDA of $56 million in Q2 2024 [6][8] - Total throughput for Q2 2025 was approximately 172,000 barrels per day, down from 186,000 barrels per day in Q2 2024, primarily due to processing intermediate inventories [7][8] - Refining margin for Q2 2025 was $35 million, or $2.21 per total throughput barrel, a sharp decline from $185 million, or $10.94 per barrel, in the same period of 2024 [9][50] Segment Performance - The Renewables Segment reported a net loss of $11 million and an EBITDA loss of $5 million for Q2 2025, consistent with the previous year's performance [11][13] - The Nitrogen Fertilizer Segment achieved net income of $39 million and EBITDA of $67 million on net sales of $169 million for Q2 2025, compared to net income of $26 million and EBITDA of $54 million on net sales of $133 million in Q2 2024 [14][15] Leadership Changes - Mark A. Pytosh is set to assume the role of President and CEO of CVR Energy on January 1, 2026, following Dave Lamp's retirement [3][5] - Brett Icahn was appointed as a director effective August 1, 2025, increasing the Board size to nine members [5][8] Cash and Debt Management - Consolidated cash and cash equivalents decreased to $596 million as of June 30, 2025, down from $987 million at the end of 2024 [18][43] - Total debt and finance lease obligations were reported at $1.9 billion as of June 30, 2025, including $570 million held by the Nitrogen Fertilizer Segment [18][43] - The company prepaid $70 million and $20 million in principal of the Term Loan in June and July 2025, respectively, recognizing a $1 million loss on extinguishment of debt [19][20]

Group 1 - CVR Energy, Inc. plans to release its second quarter 2025 earnings results on July 30, after the close of trading on the New York Stock Exchange [1] - A teleconference call to discuss the earnings results will be held on July 31 at 1 p.m. Eastern [1] - The teleconference will be accessible via webcast and archived for 14 days [2] Group 2 - CVR Energy is a diversified holding company engaged in renewables, petroleum refining, marketing, and nitrogen fertilizer manufacturing through its interest in CVR Partners, LP [4] - The company owns 37 percent of the common units of CVR Partners, LP [4]

Company Overview - As of March 31, 2025, Carl Icahn and his affiliates owned approximately 86% of IEP's outstanding depositary units[7,8] - As of May 15, 2025, IEP has a $200 annualized distribution, which is a 207% yield[7] - As of March 31, 2025, IEP has liquidity through its investment in the Investment Funds of approximately $25 billion[7] Financial Performance (LTM March 31, 2025) - Investment segment assets were $3850 million, with a net loss attributable to IEP of $333 million[7] - Energy segment assets were $4722 million, with net sales of $7393 million and a net loss attributable to IEP of $153 million[7] - Automotive segment assets were $1881 million, with net sales of $1470 million and a net loss attributable to IEP of $34 million[7] - Food Packaging segment assets were $434 million, with net sales of $397 million and a net loss attributable to IEP of $20 million[7] - Real Estate segment assets were $512 million, with net sales of $95 million and a net loss attributable to IEP of $6 million[7] - Home Fashion segment assets were $220 million, with net sales of $181 million and a net loss attributable to IEP of $9 million[7] - Pharma segment assets were $274 million, with net sales of $107 million and a net income attributable to IEP of $6 million[7]

Company Overview - CVR Energy was founded in 2006 and has over 1,550 employees[14] - The company focuses on petroleum refining, nitrogen fertilizer manufacturing, renewable biofuels production, energy transition, and lower carbon emissions[14] - CVR Energy owns the general partner and 37% of the common units of CVR Partners, LP (NYSE: UAN)[17] Petroleum Segment - The petroleum segment has a total nameplate capacity of 206,500 bpd across two refineries[16] - The refineries achieved a 92% crude oil capacity utilization for the twelve months ended December 31, 2023[15, 32] - Approximately 20% of refined product sales were across CVR's refinery racks[36] - Approximately 33% of product sales were across Oneok and NuStar racks[36] - Approximately 47% of product sales were to the bulk market[36] - Total Estimated 2024 Petroleum Segment and Other Capex of $181 million - $202 million[75] - 2024 Turnaround Spending of $60 million - $70 million[76] Renewable Biofuels - Wynnewood renewable diesel unit (RDU) completed in April 2022 with a capacity of 100 million gallons per year[20, 66] - The company plans to retain the flexibility to return the unit to hydrocarbon processing and/or install another reactor on the diesel hydrotreater to regain lost hydrocarbon processing capacity if dictated by the margin environment and otherwise approved[68] Nitrogen Fertilizer Segment - CVR Energy owns 37% of the common units of CVR Partners, LP (NYSE: UAN)[17] - The company estimates planted corn acres to be 91 million in 2024, compared to 946 million in 2023[97] - 2024 Total Capex budget of $44 million - $48 million[113]

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]