Icahn Enterprises L.P. Q4 FY2025 earnings call

• Fourth quarter NAV decreased by $654,000,000 compared to third quarter; funds up ~11% for quarter, offset by CVI share price declines. - CVI: No material changes to outlook, optimistic on medium - term refining outlook due to limited capacity expansions globally and new pipeline projects. - Funds: Up ~11% including refining hedges and ~9% excluding for quarter; year - to - date flat including refining hedges and up 7% excluding. - Top positions: AEP benefiting from AI infrastructure buildout and new CapEx plan; Southwest Gas in better position post - exit with Great Basin Pipeline Expansion Project, etc.; EchoStar sold additional spectrum to SpaceX for equity, sees upside and SpaceX IPO as catalyst; Sentry reporting base revenue and EBITDA growth of 25 - 28% in Q3, leverage declined to mid 2x EBITDA; IFF announced formal sale process for food ingredients business and gave 2026 guidance for mid - single - digit comparable EBITDA growth; Caesars undervalued with owned real estate portfolio and growing digital business. - Broader view: Slightly cautious on market, in defensive names benefiting from AI buildout with significant war chest; funds had ~$750,000,000 in cash at year - end, now >$1.2 billion; took steps to reduce IEP corporate debt balance and called in remaining 2026 maturities; Board declared unchanged distribution at $0.50 per depositary unit. - Food Packaging: Changed CEO to Tom Davis who has successful track record

Energy segment: Q4 2025 adjusted EBITDA was $51,000,000 compared to $99,000,000 in Q4 2024; fertilizer business negatively impacted by low utilization and downtime. Automotive segment: Q4 2025 automotive service revenues decreased by $1,000,000 vs prior year quarter, but same - store sales increased by 5%. Real Estate: Q4 2025 adjusted EBITDA increased by $6,000,000 vs prior year quarter, driven by income from assets transferred from auto segment. Food Packaging: Q4 2025 adjusted EBITDA decreased by $8,000,000 vs prior year quarter due to lower volume, higher inefficiencies, and restructuring headwinds. Home Fashion: Q4 2025 adjusted EBITDA decreased by $5,000,000 vs prior year quarter due to softening demand; tariff uncertainty created new business opportunities. Pharma: Q4 2025 adjusted EBITDA decreased by $4,000,000 vs prior year quarter due to reduced sales from generic competition; TRANSCEND trial for PAH drug on schedule with first patient dosed in 60 - 90 days. Liquidity: Holding company had cash and investment in funds of $3,500,000,000 as of quarter end, subsidiaries had cash and revolver availability of $913,000,000

• IFF gave 2026 guidance for mid - single - digit comparable EBITDA growth as portfolio optimization and product innovation drive volume growth and performance