ICAHN ENTERPRISES L.P. Q1 FY2025 earnings call

• NAV decreased $336 million from Q4 2024, driven by funds performance and distribution accrual, offset by CVI and auto service increases. • CVI share price up 3%, combined with share purchases led to $80 million increase. • Refining turnaround at Coffeyville complete, crack spreads continued improving. • Hopeful about RINs litigation resolution with new administration. • Investment funds down ~8.4% Q1, but modestly positive quarter-to-date when marking-to-market. • Holding company had $1.3 billion cash, funds had $900 million cash. • Board maintained $0.50 per depositary unit quarterly distribution. • Energy segment EBITDA details, Automotive segment updates on store closures and investments, Real Estate, Food Packaging, Home Fashion, Pharma segment EBITDA changes, liquidity at $3.8 billion holding company cash and $1.3 billion subsidiaries liquidity.

Energy segment: consolidated EBITDA was negative $61 million for Q1 '25 compared to $203 million in Q1 '24. CVR's refining business was impacted by Coffeyville refinery turnaround and unfavorable RINs valuation, offset by positive fertilizer business. Automotive segment: sales down 9% y-o-y, adjusted EBITDA negative $6 million; closing money-losing locations, awarded military contract. Real Estate: Q1 '25 adjusted EBITDA decreased by $1 million. Food Packaging: adjusted EBITDA decreased by $6 million. Home Fashion: adjusted EBITDA decreased by $1 million. Pharma: adjusted EBITDA lower by $3 million. Investment segment: saw value creation potential in portfolio with mentions of AEP, [SWICS], Caesars.

• Board maintained quarterly distribution at $0.50 per depositary unit. • Focus on building asset value and maintaining liquidity to capitalize on opportunities within and outside existing segments.

Q: Can you give some idea with respect to the store closures in the Automotive segment, like number of 4-wall EBITDA negative stores, aggregate EBITDA loss, and expected timing to get out of money-losing stores?

A: Andrew Teno said they won't talk aggregate due to impact on business and employees, mentioned some stores that used to make money are now losing, will close money-losing stores in short order, averaging ~8 a month, depends on ownership or lease.

Q: You said modestly positive quarter-to-date when marking-to-market funds and CVI, UAN?

A: Andrew Teno said if you mark-to-market funds and add CVI and UAN, they were modestly positive as of last Friday.