IEP

Net Asset Value (NAV) Performance

• Q2 2026 NAV decreased by $765 million compared to Q1 2026, primarily driven by a $243 million decrease from investment funds and a $435 million decrease from CVI.
• An estimated $100 million gain from the expected Pep Boys sale is included in Q2 2026 NAV.
• As of the end of July 2026, NAV increased by $268 million from quarter end, driven by a $575 million increase from CVI, partially offset by a $312 million decrease from investment funds.

Leadership and Operational Updates

• CVI completed a seamless leadership transition after its former CEO departed for personal reasons; CVI's strategic direction, operational priorities, and commitment to shareholder value remain unchanged.
• A definitive agreement was signed in July 2026 to sell Pep Boys for $700 million, subject to customary closing conditions and purchase price adjustments. Icahn Enterprises will retain Pep Boys' previously transferred owned real estate, franchise businesses (AMCO and Precision Tune Auto Care), and certain retained liabilities including Supercenter leases. Pep Boys will lease most retained locations post-closing, creating an ongoing landlord-tenant relationship.
• The Board of Directors declared an unchanged distribution of 50 cents per depository unit.

Key Portfolio Investment Updates

• Sentry delivered 36% base revenue growth and 21% gross profit growth in Q2 2026, and completed an acquisition of a leading mechanical and electrical construction services provider; its stock gained 4% in Q2.
• IFF is executing on portfolio optimization, and entered an agreement to sell its food ingredients, botanical extracts, vitamins and minerals, and food enhancement businesses; its stock gained 9% in Q2.
• Caesars reported strong Q2 performance across regional and digital operations, with high hold in Las Vegas; its stock gained 14% in Q2.
• Echostar completed its license purchase agreement with AT&T; its stock declined 13% in Q2.
• JetBlue delivered solid Q2 results, with 11% growth in revenue per available seat mile and a 2% increase in operating expenses per available seat mile (excluding fuel); its stock gained 30% in Q2.

Liquidity Position

• As of Q2 end, Icahn Enterprises' holding company had $2.4 billion in cash and fund investments, and subsidiaries held $1.4 billion in cash and revolver availability.
• As of end of July 2026, holding company liquidity was approximately $2 billion after the fund investment balance declined to $1.7 billion.

• The Pep Boys sale is expected to close during the third quarter of 2026, and will significantly increase the company's liquidity. Management currently expects a portion of the sale proceeds will be used to address upcoming 2027 debt maturities, strengthening the balance sheet and increasing capacity to pursue future opportunities.
• Geopolitical volatility has created near-term uncertainty in energy markets, but also generated attractive market opportunities for the remainder of 2026, and management believes CVI is well positioned to capitalize on these opportunities.
• The Transcend clinical trial preparation for the company's pulmonary arterial hypertension (PAH) drug remains on schedule: one trial site is active with qualified patients awaiting final consent, a second site is conducting patient pre-screening, and 12 additional sites are in the contracting process.

1. Investment Funds: Had a -7.7% return (excluding refining hedges) and a -10.9% return (including refining hedges) for Q2 2026. Long positions contributed +3.9% net performance, short positions contributed -15.5% net performance. The funds had a 30% net short notional exposure at quarter end, with a 23% net long notional exposure excluding refining hedges. Total Icahn Enterprises' investment in the funds was approximately $2 billion as of quarter end, with $741 million in cash held by the funds.
2. Energy: Adjusted EBITDA attributable to IEP was $102 million in Q2 2026, up from $40 million in Q2 2025. Refining crude utilization exceeded 98%, but margins were pressured by higher Renewable Fuel Standard (RFS) obligation costs. Fertilizer operations delivered strong results driven by robust spring planting demand.
3. Automotive: Q2 2026 automotive service revenues decreased by $14 million year-over-year, primarily due to store closures in 2025, partially offset by improved pricing. Same-store sales were flat year-over-year.
4. Real Estate: Q2 2026 adjusted EBITDA increased by $9 million year-over-year, driven by income from assets transferred from the automotive segment: $9 million in intercompany rent from Pep Boys and $2 million in third-party tenant rent.
5. Food Packaging: Adjusted EBITDA attributable to IEP decreased by $2 million year-over-year in Q2 2026, due to lower volume and ongoing disruptive headwinds from the restructuring plan.
6. Home Fashions: Adjusted EBITDA decreased by $1 million year-over-year, primarily due to softening hospitality sector demand and ongoing supply chain disruptions in the Strait of Hormuz.
7. Pharma: Adjusted EBITDA decreased by $14 million year-over-year, driven by reduced sales from generic competition for the company's anti-obesity drug therapy and increased R&D expenses for ongoing pivotal drug trials.

• Actual future results may differ materially from management's expectations due to a variety of known and unknown risks, uncertainties, and other factors, including economic, competitive, and legal risks, as outlined in the company's SEC filings.
• Energy market volatility driven by ongoing major geopolitical developments creates near-term uncertainty for the company's energy segment.
• Refining margins in Q2 2026 were pressured by higher RFS obligation costs.
• The pharma segment faces sales declines from generic competition for its anti-obesity drug therapy.
• The Home Fashions segment faces ongoing supply chain disruptions from instability in the Strait of Hormuz and softening demand from the hospitality sector.
• The Food Packaging segment continues to face disruptive headwinds from its ongoing restructuring plan.

No questions were asked or answered during this earning call; management's prepared remarks concluded the call.