Table of Contents | UNITED STATES SECURITIES AND EXCHANGE COMMISSION | | | | | --- | --- | --- | --- | | Washington, D.C. 20549 | | | | | FORM 10-Q | | | | | (Mark one) | | | | | ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | | For the Quarterly Period Ended March 31, 2025 | | | | | OR | | | | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | | to | For the Transition Period from | | | | | | (State or Other ...

Icahn Enterprises (IEP) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Robert Flint - Chief Accounting Officer & Principal Accounting OfficerAndrew Teno - President, CEO & Director of Icahn Enterprises GP, Inc.Ted Papapostolou - CFO, Director & Secretary of Icahn Enterprises G.P. IncAndrew Berg - Managing Director Operator Good morning, and welcome to the Icahn Enterprise LP First Quarter twenty twenty five Earnings Call with Andrew Tino, President and CEO Ted Papapostolu, Chief Financi ...

Icahn Enterprises (IEP) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good morning, and welcome to the Icahn Enterprise LP First Quarter twenty twenty five Earnings Call with Andrew Tino, President and CEO Ted Papapostolu, Chief Financial Officer and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement. Please go ahead. Speaker1 Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe ha ...

Q1 2025 Earnings Presentation Icahn Enterprises L.P. May 7, 2025 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "believes," "expects," "potential," "continues," "ma ...

Exhibit 99.1 Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its First Quarter 2025 Financial Results Sunny Isles Beach, Fla, May 7, 2025 – Financial Summary (Net loss and Adjusted EBITDA figures in commentary below are attributable to Icahn Enterprises, unless otherwise specified) For the three months ended March 31, 2025, revenues were $1.9 billion and net loss was $422 million, or $0.79 per depositary unit. For the three months ended March 31, 2024, revenues were $2.5 billion and net loss was $38 mi ...

Group 1 - Icahn Enterprises L.P. will discuss its first quarter 2025 results on a webcast scheduled for May 7, 2025, at 10:00 a.m. Eastern Time [1] - The company encourages viewers to access the webcast 15 minutes prior to the start time, and a replay will be available for at least twelve months [1] Group 2 - Icahn Enterprises L.P. is a diversified holding company operating in seven primary business segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [2]

Financial Performance - Net sales for 2024 were $9,193 million, down 17% from $11,077 million in 2023[417]. - The net loss attributable to Icahn Enterprises for 2024 was $445 million, compared to a loss of $684 million in 2023, representing a 35% improvement[417]. - Basic and diluted loss per LP unit improved from $(1.75) in 2023 to $(0.94) in 2024[417]. - The comprehensive loss attributable to Icahn Enterprises was $451 million in 2024, compared to $669 million in 2023, indicating a 33% improvement[418]. - Net loss for the year ended December 31, 2024, was $542 million, compared to a loss of $1,012 million in 2023[422]. - Cash provided by operating activities for 2024 was $832 million, a decrease from $3,736 million in 2023[422]. - The company reported interest and dividend income of $477 million in 2024, down from $636 million in 2023[417]. - The company declared distributions of $3.50 per LP unit in 2024, down from $6.00 in 2023[417]. Assets and Liabilities - Total assets decreased from $20,858 million in 2023 to $16,279 million in 2024, a decline of approximately 22%[416]. - Total liabilities decreased from $14,785 million in 2023 to $11,658 million in 2024, a reduction of approximately 21%[416]. - Cash and cash equivalents decreased from $2,951 million in 2023 to $2,603 million in 2024, a decline of about 12%[416]. - Total equity attributable to Icahn Enterprises decreased to $4,621 million as of December 31, 2024, from $5,658 million in 2023[420]. - Cash and cash equivalents at the end of 2024 were $5,239 million, down from $5,946 million at the end of 2023[422]. - The carrying value of the company's long-term debt as of December 31, 2024, was approximately $6.8 billion, with an estimated fair value of $6.6 billion[449]. Investment Activities - The company has an investment of approximately 64% in the Investment Funds, which mitigates the impact of fair value changes on its net gain from investment activities[396]. - The total fair market value of investments in the Investment Funds by Mr. Icahn and his affiliates was approximately $1.5 billion as of December 31, 2024, down from $2.1 billion in 2023[532]. - The Investment Funds issued a pro-rata cash distribution of $650 million in 2024, including $256 million to Mr. Icahn and his affiliates[532]. - The Investment segment had a fair value of approximately $2.7 billion as of December 31, 2024, down from $3.2 billion in 2023[426]. - The carrying value of equity securities decreased from $2.61 billion in 2023 to $2.24 billion in 2024, with significant reductions in the Energy and Utilities sectors[544]. - Unrealized losses related to securities held by the Investment segment were $187 million in 2024, down from $302 million in 2023[544]. Segment Performance - The company’s Energy segment relies on a positive spread between the cost of raw materials and the value of finished products to achieve gross margin, indicating exposure to commodity price fluctuations[397]. - The Automotive segment provides a full range of automotive repair and maintenance services, contributing to the company's diversified operations[428]. - The Pharma segment operates through Vivus LLC, which has two approved therapies and two product candidates in active clinical development[433]. - The Real Estate segment includes investment properties such as land, retail, office, and industrial properties, along with the development and sale of single-family homes[431]. - The Energy segment recorded revenue of $16 million, $46 million, and $86 million for the years ended December 31, 2024, 2023, and 2022, respectively, from deferred revenue[510]. Risks and Challenges - The company faces risks related to economic downturns, competition, and rising operating costs, which could materially affect its financial condition[7]. - The company is subject to risks associated with its investment activities, including the potential for significant losses due to leverage and market volatility[7]. - The company’s food packaging segment is exposed to foreign currency risks, with recorded translation losses in earnings of $9 million for the year ended December 31, 2024[402]. Debt and Interest Rates - As of December 31, 2024, the company has variable rate debt aggregating $483 million, with a 1.0% increase in interest rates potentially increasing interest expense by approximately $5 million annually[400]. - The company’s operating segments have additional borrowing availability subject to variable interest rates aggregating $306 million, increasing exposure to interest rate changes[400]. Other Financial Metrics - The company recorded a translation loss of $7 million and a gain of $5 million in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 respectively[402]. - The cost of goods sold decreased from $9,327 million in 2023 to $8,619 million in 2024, a reduction of approximately 8%[417]. - The company reported capital expenditures of $280 million in 2024, compared to $303 million in 2023[422]. - Partnership distributions increased to $391 million in 2024 from $307 million in 2023[422]. Bankruptcy and Deconsolidation - On January 31, 2023, Auto Plus, a subsidiary of Icahn Automotive, filed for bankruptcy, leading to its deconsolidation from the company's financial statements[429]. - Auto Plus filed for Chapter 11 bankruptcy on January 31, 2023, leading to a non-cash charge of $246 million for the company due to deconsolidation[530]. - The company loaned $17 million to Auto Plus under a debtor-in-possession credit facility, with an estimated cash collection of $11 million as of December 31, 2024, resulting in a write-off of $127 million[537]. Derivative Instruments - The total collateral posted across all counterparties was $1.5 billion in 2024, down from $1.7 billion in 2023[576]. - The total net derivative assets after netting were $18 million in 2024, compared to $39 million in 2023[576]. - The total net derivative liabilities after netting were $756 million in 2024, down from $979 million in 2023[576].

Financial Data and Key Metrics Changes - The net asset value (NAV) decreased by $223 million from the third quarter of 2024, primarily due to the decline in CVR Energy and an agreement to sell certain properties in the real estate segment [7][10] - The investment funds were down approximately 1.6% for the quarter, with the largest decliner being the investment in Caesars [11] - The company ended the quarter with $1.4 billion in cash and cash equivalents at the holding company and an additional $915 million at the funds [12] Business Line Data and Key Metrics Changes - Energy segment EBITDA was $99 million for Q4 2024, down from $204 million in Q4 2023, driven by reduced throughput and lower crack spreads [17] - The refining margin per throughput barrel decreased to $8.37 from $15.01 in the prior year quarter due to lower crack spreads [18] - The automotive segment continues to lag due to previous self-inflicted issues, but a new CEO has been appointed to implement strategies for improvement [20] - Real estate adjusted EBITDA decreased by $5 million compared to the prior year quarter, driven by reduced sales of single-family homes [22] - Home fashions adjusted EBITDA increased by $2 million due to lower material costs and improved manufacturing efficiencies [24] Market Data and Key Metrics Changes - The average realized gate prices for urea were $229 per ton, while ammonia increased by 3% to $475 per ton compared to the prior year quarter [18] Company Strategy and Development Direction - The company is focused on building asset value and maintaining liquidity to capitalize on opportunities within and outside existing operating segments [25] - The management emphasizes an activism strategy, leveraging the Icahn brand and history to drive shareholder value [46] Management Comments on Operating Environment and Future Outlook - Management noted that crack spreads have recently improved, which is a positive sign for CVR Energy [9] - The company anticipates that challenges in the automotive segment will be resolved by the second half of 2025 [20] - The management is optimistic about the potential resolution of outstanding litigation regarding small refinery exemptions, which could remove over $300 million in liabilities [10] Other Important Information - The board maintained the quarterly distribution at $0.50 per depository unit [13] - The funds ended the quarter approximately 22% net long, adjusting for refining hedges, the fund was 35% net long [16] Q&A Session Summary Question: Inquiry about hedge funds' net long position - The net long position was 22%, and 35% excluding energy hedges, with a previous position of net short 2% at the end of the third quarter [28][30] Question: Clarification on real estate segment's indicative net asset value adjustment - The significant increase in indicative net asset value was due to an agreement to sell certain properties that exceeded book value, leading to a $290 million increase [35][37] Question: Composition of properties contributing to the net asset value increase - Approximately $200 million of the increase was due to properties under sale agreement, with the rest attributed to appraisals of remaining assets [39]

Core Viewpoint - Icahn Enterprises L.P. reported a fourth-quarter earnings loss of 19 cents per share, missing the expected profit of 18 cents, while quarterly sales of $2.558 billion exceeded estimates despite a year-over-year decline of 5.1% [1][5] Financial Performance - The company processed approximately 214,000 barrels per day in the Petroleum segment during the quarter [1] - Total vegetable oil throughput was about 187,000 gallons per day under the Renewables segment, with a renewable margin of $0.79 per gallon, improving from a loss of $0.90 in the previous year [2] - Adjusted EBITDA for the quarter was $12 million, up from $9 million in the year-ago period [2] - Adjusted EBITDA attributable to all other segments was $14 million, down from $22 million in the previous year [5] Asset and Debt Management - The indicative net asset value decreased by $223 million compared to September 30, 2024, primarily due to declines in CVR Energy and Viskase, partially offset by an increase in the Real Estate segment [4] - The company exited the quarter with cash and equivalents totaling $2.603 billion [5] - Total debt decreased to $6.809 billion from $7.207 billion in the year-ago period [5] Market Reaction - IEP shares were trading lower by 2.63% to $9.99 at the last check on Wednesday [5]

Q4 2024 Earnings Presentation Icahn Enterprises L.P. February 26, 2025 1 Safe Harbor Statement Forward-Looking Statements and Non-GAAP Financial Measures The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," ...