ICAHN ENTERPRISES L.P. Q4 FY2024 earnings call

• NAV decreased $223 million from Q3 2024; CVR Energy declined $286 million due to crack spread weakness and turnaround, but a tender offer was launched and crack spreads have improved. - Real estate segment increased $292 million due to a property sale and fair value adjustments. - Investment segment sees value creation potential in top five disclosed names like SWX, AEP, Caesars, IFF, Bausch. - Holding company ended quarter with $1.4 billion cash and cash equivalents, funds had $915 million; board maintained quarterly distribution at $0.50 per depository unit.

Energy segment EBITDA was $99 million in Q4 2024 compared to $204 million in Q4 2023, driven by reduced throughput and lower crack spreads. Automotive segment continued to lag prior year results. Real estate segment adjusted EBITDA decreased $5 million due to reduced sales of single-family homes. Food Packaging's adjusted EBITDA attributable to IEP decreased $6 million in Q4 2024 as volumes increased but product mix shift and lower pricing reduced net sales. Home fashions adjusted EBITDA increased $2 million mainly due to lower material costs and improved manufacturing efficiencies. Pharma segment's adjusted EBITDA improved $1 million in Q4 2024 mainly due to higher growth.

• Board has maintained the quarterly distribution at $0.50 per depository unit. - Holding company has a significant war chest of $4.1 billion cash and cash equivalents at holding company and $915 million at funds to take advantage of opportunities as they arise.

• Forward-looking statements may differ materially from actual results due to known and unknown risks, uncertainties, and other factors like economic, competitive, legal factors.

Q: With respect to the hedge funds, where were they at the end of Q3 and how did the position flip to net long?

A: Andrew Teno said they can follow up after the call regarding Q3 position and that it's opportunistic based on crack spreads.

Q: What caused the significant adjustment in indicative net asset value for the real estate segment?

A: Ted Papapostolou said an agreement to sell certain properties exceeded book value, leading to marking properties to anticipated sales price and obtaining appraisals for remaining assets, with $200 million from sale agreement properties and $90 million from rest of portfolio.