Icahn Enterprises L.P. Q3 FY2025 earnings call

Andrew Teno noted NAV increased $567 million; CVI, net of refining hedges, increased NAV by $547 million, funds excluding refining hedges up ~5%; CVI's outperformance driven by Ukraine conflict, increased crack spreads, and resolution of small refinery exemptions removing $488 million liability; AEP benefits from AI infrastructure buildout with right jurisdictions, assets, scale, and management; Southwest Gas completed separation from Centuri, has best-in-class balance sheet, potential pipeline expansion, and growth predictions; EchoStar investment saw stock increase due to spectrum asset value; IFF's refreshed management team focused on growth and innovation, near inflection point; Caesars' performance disappointing but thesis unchanged; 13D filing on Monroe with auto service locations. Ted Papapostolou discussed Energy segment EBITDA improvement; Automotive segment revenue increase and store footprint changes; Real Estate segment EBITDA decrease and future expectations; Food Packaging, Home Fashions, Pharma segment performance details.

Energy segment: Q3 '25 consolidated EBITDA was $625 million, compared to a loss of $35 million in Q3 '24. Automotive segment: Q3 '25 automotive service revenues increased by $11 million compared to prior year quarter; same-store sales revenue up $21 million or 6%; closed 89 underperformers in last 12 months, opened 14 new locations; subsequently transferred most owned properties to Real Estate segment. Real Estate segment: Q3 '25 adjusted EBITDA decreased by $12 million compared to prior year quarter, primarily due to sale of Country Club earlier this year; expects EBITDA to increase in second half of 2026 as construction ramps up; closed certain properties for pretax gain of $223 million. Food Packaging segment: Q3 '25 adjusted EBITDA decreased by $8 million compared to prior year quarter, due to lower volume, higher manufacturing inefficiencies, and restructuring headwinds; restructuring expected to impact results until Q2 '26. Home Fashions segment: Q3 '25 adjusted EBITDA decreased by $4 million compared to prior year quarter, primarily due to softening demand in U.S. retail and hospitality business. Pharma segment: Q3 '25 adjusted EBITDA decreased by $7 million compared to prior year quarter, primarily due to reduced sales resulting from generic competition in anti-obesity market; developmental drug for PAH in trial with first patient to be dosed in Q1 2026, potential disease-modifying product for PAH treatment.

Hope Trump administration and EPA continue granting small refinery exemptions to Wynnewood; continue to analyze Automotive segment footprint and close/open locations as appropriate; Real Estate expects EBITDA increase in second half of 2026 as construction ramps up; Pharma's PAH trial with first patient dosed in Q1 2026, potential for disease-modifying product approval.

Actual events, results, and outcomes may differ materially from expectations due to known and unknown risks, uncertainties, and other factors discussed in SEC filings, including economic, competitive, legal factors.