Icahn Enterprises L.P. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenues for the three months ended September 30, 2026, were $3.2 billion, compared to $2.7 billion for the same period in 2025.
• Net loss attributable to IEP for Q3 2026 was $225 million ($0.31 per depositary unit), compared to net income of $287 million ($0.49 per depositary unit) in Q3 2025.
• Adjusted EBITDA attributable to IEP for Q3 2026 was a loss of $214 million, compared to Adjusted EBITDA of $75 million in Q3 2025.
• For the nine months ended September 30, 2026, revenues were $8.4 billion, compared to $7.0 billion in the prior year period.
• Net loss attributable to IEP for the nine months ended September 30, 2026, was $1.0 billion ($1.51 per depositary unit), compared to a net loss of $300 million ($0.54 per depositary unit) in the same period of 2025.
• Adjusted EBITDA loss attributable to IEP for the nine months ended September 30, 2026, was $564 million, compared to a loss of $113 million in the prior year period.
• Q3 2026 results included $522 million of losses on refining hedges in the Investment Funds attributable to IEP; nine-month 2026 results included $917 million of such losses.
• Q3 2026 results excluded an increase in value of approximately $1.7 billion from the long position in CVI; nine-month 2026 results excluded an increase of approximately $1.8 billion.
• As of September 30, 2026, indicative net asset value was approximately $3.5 billion, an increase of $865 million from June 30, 2026.
• Total assets were $11.6 billion as of September 30, 2026, down from $14.2 billion as of December 31, 2025.
• Total debt was $6.4 billion as of September 30, 2026, down from $6.6 billion as of December 31, 2025.
• Cash and cash equivalents were $2.3 billion as of September 30, 2026, up from $1.5 billion as of December 31, 2025.

Guidance and Future Outlook:

• No specific forward guidance or future growth targets were provided in the press release.

Business Segments and Product Lines:

• CVR Energy announced a transaction to acquire two refineries and a marketing platform from Marathon Petroleum for $4.2 billion.
• The CVR acquisition represents less than 3.5 times management's estimate of 2026 EBITDA.
• On a pro forma basis for the nine months ended September 30, 2026, the CVR acquisition increases EBITDA from approximately $900 million (stand-alone) to $2.0 billion.
• The CVR acquisition increases earnings per share from $3.73 (stand-alone) to $7.80 (pro forma), an accretion of over 105%.
• Future annual run-rate synergies from the CVR acquisition are estimated at $75 million, primarily relating to SG&A expenses and commercial/operational opportunities.
• Icahn Automotive Group (IAG) closed the sale of Pep Boys – Manny Moe & Jack Holding Corp. in August 2026 for $700 million, receiving $645 million in proceeds.
• IAG retained the automotive franchise businesses of AAMCO Transmissions and Precision Tune Auto Care (PTAC).
• The Real Estate Segment line item includes retained leases from the sale of Pep Boys as of September 30, 2026.

Market and Competitive Landscape:

• CVR Energy's long position value increased to $4.2 billion as of the reporting period.
• The CVR acquisition is described as a transformative transaction in the refining sector.

Risks and Challenges:

• Financial results were negatively impacted by significant losses on refining hedges in the Investment Funds ($522 million in Q3, $917 million YTD).
• Risks include economic downturns, substantial competition, rising operating costs, and volatility in crude oil, feed stocks, and refined products.
• Investment activities carry risks related to leverage, derivative instruments, counterparty termination, and declines in fair value.
• Energy segment faces risks related to refining margins, pipeline access, nitrogen fertilizer demand, and commodity pricing.
• Risks include the potential inability to comply with debt covenants, refinance debt, or meet liquidity needs.
• Operational risks include supply chain issues, inflation, labor shortages, and raw material price fluctuations across food packaging, home fashion, and automotive segments.
• Geopolitical risks include impacts from the Russia/Ukraine conflict, Middle East conflicts, and related economic volatility or sanctions.
• Regulatory risks include changes in economic policy, tariffs, and the potential classification of the company as an investment company.

Management Commentary and Tone:

• Management highlighted the increase in indicative net asset value primarily driven by the appreciation of the CVI long position.
• Management noted the transformative nature of the CVR Energy acquisition and its significant accretive impact on earnings per share.
• Management emphasized that Adjusted EBITDA calculations were modified effective March 31, 2026, to exclude Energy segment unrealized gains/losses on hedging contracts, RFS positions, and inventory revaluation to better reflect underlying operational results.

Other Key Points:

• The Board of Directors declared a third-quarter distribution of $0.50 per depositary unit, marking the 86th consecutive quarterly distribution since 2005.
• The distribution is payable on or about December 23, 2026, to unitholders of record on November 16, 2026.
• Unitholders have the option to elect to receive the distribution in additional depositary units or cash; default election is for additional units.
• Unitholders electing additional units will receive units valued at the volume-weighted average trading price during the five consecutive trading days ending December 18, 2026.
• Icahn Enterprises is a diversified holding company with subsidiaries in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma.
• The CVI subsidiary is currently valued at $4.2 billion based on October 30, 2026, closing price of $58.37.