Icahn Enterprises (IEP) Investor Presentation summary

Business overview and strategy

• Operates as a diversified holding company with businesses in investment, energy, automotive, real estate, food packaging, home fashion, and pharma.

• Majority owned and controlled by Carl Icahn, who holds about 86% of outstanding units as of March 2025.

• Focuses on acquiring undervalued assets, improving operations, and executing profitable exits.

• Employs an activist investment strategy, often taking control and implementing operational and governance changes.

• Diversification across industries and geographies provides a hedge against economic cycles.

Segment highlights and operations

• Investment segment had $2.5 billion in fund investments as of March 2025, with a net long notional exposure of 20%.

• Energy segment includes petroleum refining, renewable fuels, and fertilizer production, with $7.4 billion in net sales and $106 million in adjusted EBITDA for the LTM ended March 2025.

• Automotive segment operates over 900 stores, focusing on repair services and aftermarket parts, with $1.47 billion in sales and $48 million in adjusted EBITDA for the LTM ended March 2025.

• Other segments include real estate, food packaging (Viskase), home fashion (WestPoint Home), and pharma (Vivus), collectively generating $780 million in sales and $81 million in adjusted EBITDA for the LTM ended March 2025.

Financial performance and position

• Consolidated net loss attributable to the partnership was $829 million for the LTM ended March 2025.

• Adjusted EBITDA attributable to the partnership was negative $247 million for the same period.

• Total assets stood at $15.5 billion as of March 31, 2025, with $1.77 billion in equity attributable to the partnership.

• Indicative net asset value declined from $4.95 billion at March 2024 to $3.0 billion at March 2025.

• Annualized distribution of $2.00 per unit, representing a 20.7% yield as of May 2025.