Icahn Enterprises L.P. Q1 FY2026 earnings call

• Andrew Tino thanked those he worked with and handed over to Ted Papapostolo. - Ted thanked Andrew, introduced company's unique portfolio and culture, and discussed results including first quarter NAV increase, performance of various positions like AEP, Century, IFF, Caesars, Echostar, and segment performances of investment funds, energy, automotive, and other operating segments

Investment funds: Positive return of 4.4% for the quarter excluding refining hedges; including refining hedges, negative return of 8.2%. Long and other positions had net positive performance attribution of 4.1%, short positions had negative performance attribution of 12.9%. Net short notional exposure of 29% at end of quarter, excluding refining hedges net short notional exposure of 2% as of quarter end. Energy segment: Adjusted EBITDA attributable to IEP was negative $5 million for Q126 compared to negative $6 million for Q125. Automotive segment: Q1 26 automotive service revenues decreased by $9 million compared to prior year quarter, same-source sales increased by approximately 2%. Other operating segments: Real estate adjusted EBITDA increased by $18 million; food packaging adjusted EBITDA attributable to IEP decreased by $6 million; home fashions adjusted EBITDA decreased by $2 million; farmers adjusted EBITDA decreased by $10 million

• CVI has attractive market opportunities for the balance of 2026 and is well positioned for potential future debt reductions and capital returns to shareholders. - Caesars is expected to generate significant cash flow in 2026 to fund meaningful share repurchases and debt pay down

• Actual events, results, and outcomes may differ materially from expectations due to various known and unknown risks, uncertainties, etc. - Automotive segment still has work to do; home fashions faces softening demand and supply chain disruptions in Strait of Hormuz; farmers face reduced sales from generic competition and increased R&D expenses