Financial Data and Key Metrics Changes - Net Asset Value (NAV) increased by $252 million from the first quarter, primarily driven by positive performance in CVI, offset by decreases in auto service [5] - The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in the consumer cyclical sector, offset by broad market and refining hedges [6] - The holding company ended the quarter with $1.1 billion in cash and cash equivalents, and an additional $700 million of cash at the funds [10] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $24 million for Q2 2025 compared to $103 million in Q2 2024, negatively impacted by unfavorable RINs valuation and reduced throughput volumes [14] - Automotive service revenues decreased by $8 million compared to the prior year quarter, but same-store revenues improved from a 5% decline to 1% growth in May and June [15] - Real estate's Q2 2025 adjusted EBITDA decreased by $2 million compared to the prior year quarter, following the sale of a successful country club investment [17] - Food packaging's adjusted EBITDA decreased by $9 million for Q2 2025 due to lower volume and higher manufacturing inefficiencies [18] Market Data and Key Metrics Changes - CVI's share price increased by 38%, contributing to a $561 million increase in NAV from the first quarter [5] - The auto service division showed a positive trajectory in revenue growth, indicating a potential turnaround [15] Company Strategy and Development Direction - The company is focusing on maintaining liquidity to capitalize on opportunities within and outside existing operating segments, with a total liquidity of $3.5 billion at the holding company and $1.1 billion at subsidiaries [19] - The company plans to redeploy capital from the successful country club sale to new opportunities, aiming to replicate past successes [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $548 million liability [6] - The company sees considerable value creation potential in its portfolio, particularly in electric utilities and digital businesses [11][12] Other Important Information - CVI's CEO, Dave Lamp, will retire at year-end, with Mark Pytosh being promoted as his replacement [6] - The Board maintained the quarterly distribution at $0.50 per depositary unit [10] Q&A Session Summary Question: Regarding the decrease in cash balance at the holding company level - The decrease was primarily due to interest payments and LP distributions, with some impact from the CVR repurchase of about $32 million [21]

Financial Results - Q2 2025 net loss attributable to IEP was $165 million, compared to a net loss of $331 million for Q2 2024[6] - Q2 2025 Adjusted EBITDA loss attributable to IEP was $43 million, compared to an Adjusted EBITDA loss of $155 million for Q2 2024[6] - Indicative net asset value as of June 30, 2025, was approximately $3.3 billion, an increase of $252 million compared to March 31, 2025[6] - The company declares a second quarter distribution of $0.50 per depositary unit[6] Segment Performance - Energy segment: Adjusted EBITDA decreased by $127 million to a loss of $24 million for Q2 2025 compared to $103 million in Q2 2024[17, 20] - Automotive segment: Adjusted EBITDA decreased $27 million for Q2 2025 compared to Q2 2024, impacted by higher labor costs and operating expenses[23, 24] - Investment segment: Returns of negative 0.5% for Q2 2025[12, 14] - All Other Segments: Q2 2025 Adjusted EBITDA attributable to IEP was $17 million compared to $28 million for Q2 2024[31] Energy Segment Details - Refining margin for Q2 2025 was $2.21 per throughput barrel, compared to $10.94 during Q2 2024[17, 20] - Renewable margin for Q2 2025 was $0.38 per vegetable oil throughput gallon, compared to $0.43 in Q2 2024[17, 20] - Q2 2025 average realized gate prices for UAN increased by 18% to $317 per ton and ammonia increased by 14% to $593 per ton when compared to Q2 2024[17, 19]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Second Quarter 2025 Performance](index=1&type=section&id=Second%20Quarter%202025%20Performance) The company's Q2 2025 results show improved revenue and a significantly narrowed net loss compared to the prior year | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change (YoY) | | :----- | :----------------- | :----------------- | :----------- | | Revenues | $2,400 | $2,200 | +$200 | | Net Loss | $(165) | $(331) | +$166 (Improvement) | | Loss per Depositary Unit | $(0.30) | $(0.72) | +$0.42 (Improvement) | | Adjusted EBITDA Loss | $(43) | $(155) | +$112 (Improvement) | [Six Months Ended June 30, 2025 Performance](index=1&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Performance) First-half 2025 performance saw decreased revenues and a wider net loss compared to the same period in 2024 | Metric | YTD 2025 (Millions) | YTD 2024 (Millions) | Change (YoY) | | :----- | :------------------ | :------------------ | :----------- | | Revenues | $4,200 | $4,700 | $(500) | | Net Loss | $(587) | $(369) | $(218) (Worsening) | | Loss per Depositary Unit | $(1.08) | $(0.82) | $(0.26) (Worsening) | | Adjusted EBITDA Loss | $(330) | $(21) | $(309) (Worsening) | [Indicative Net Asset Value Update](index=1&type=section&id=Indicative%20Net%20Asset%20Value%20Update) Indicative net asset value increased by $252 million to approximately $3.3 billion during the second quarter of 2025 | Metric | June 30, 2025 (Millions) | March 31, 2025 (Millions) | Change (QoQ) | | :----- | :----------------------- | :------------------------ | :----------- | | Indicative Net Asset Value | $3,300 | $3,048 | +$252 | [Quarterly Distribution Declaration](index=1&type=section&id=Quarterly%20Distribution%20Declaration) A quarterly distribution of $0.50 per depositary unit was declared for Q2 2025 - Distribution Amount: **$0.50 per depositary unit**[4](index=4&type=chunk)[5](index=5&type=chunk) - Payment Date: On or about **September 24, 2025**[4](index=4&type=chunk) - Record Date: Close of business on **August 18, 2025**[4](index=4&type=chunk) - Election Deadline: **September 12, 2025**, for cash or additional units, with additional units as the default[4](index=4&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [Business Description](index=2&type=section&id=Business%20Description) Icahn Enterprises L.P. is a diversified holding company with subsidiaries in sectors like Investment and Energy - Operating Businesses: **Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma**[6](index=6&type=chunk) [Caution Concerning Forward-Looking Statements](index=2&type=section&id=Caution%20Concerning%20Forward-Looking%20Statements) The report contains forward-looking statements subject to inherent risks and uncertainties - Forward-looking statements are identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning[7](index=7&type=chunk) - Risks include economic downturns, competition, rising operating costs, geopolitical conflicts, investment activities, debt compliance, fair value declines, short sellers, and political/regulatory uncertainty[7](index=7&type=chunk) - Past performance in the Investment segment is not indicative of future performance, and the company undertakes no obligation to publicly update or review any forward-looking information[7](index=7&type=chunk) [Condensed Consolidated Financial Statements](index=3&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Operations](index=3&type=section&id=Statements%20of%20Operations) The statements of operations show improved Q2 2025 revenue but worsened year-to-date revenue and net loss | Metric (Millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------- | :------ | :------ | :------- | :------- | | Net sales | $2,143 | $2,371 | $4,145 | $4,624 | | Other revenues from operations | $172 | $182 | $340 | $356 | | Net loss from investment activities | $(74) | $(479) | $(468) | $(575) | | Interest and dividend income | $69 | $122 | $152 | $265 | | Gain (loss) on disposition of assets, net | $47 | $1 | $44 | $(5) | | Other income, net | $12 | $4 | $23 | $6 | | **Total Revenues** | **$2,369** | **$2,201** | **$4,236** | **$4,671** | | Cost of goods sold | $2,118 | $2,208 | $4,134 | $4,199 | | Other expenses from operations | $154 | $150 | $305 | $299 | | Selling, general and administrative | $207 | $183 | $408 | $376 | | Dividend expense | $7 | $13 | $15 | $33 | | Impairment | $2 | $— | $12 | $— | | Restructuring, net | $(2) | $1 | $5 | $1 | | Interest expense | $129 | $128 | $257 | $264 | | **Total Expenses** | **$2,615** | **$2,683** | **$5,136** | **$5,172** | | Loss before income tax expense | $(246) | $(482) | $(900) | $(501) | | Income tax benefit (expense) | $45 | $(4) | $119 | $(11) | | Net loss | $(201) | $(486) | $(781) | $(512) | | Less: net loss attributable to non-controlling interests | $(36) | $(155) | $(194) | $(143) | | **Net loss attributable to Icahn Enterprises** | **$(165)** | **$(331)** | **$(587)** | **$(369)** | | Basic and Diluted loss per LP unit | $(0.30) | $(0.72) | $(1.08) | $(0.82) | | Distributions declared per LP unit | $0.50 | $1.00 | $1.00 | $2.00 | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Balance%20Sheets) The balance sheet shows a decrease in total assets and equity as of June 30, 2025, from year-end 2024 | Metric (Millions) | June 30, 2025 | December 31, 2024 | Change | | :---------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $1,804 | $2,603 | $(799) | | Cash held at consolidated affiliated partnerships and restricted cash | $2,672 | $2,636 | +$36 | | Investments | $1,972 | $2,310 | $(338) | | Due from brokers | $1,261 | $1,624 | $(363) | | Accounts receivable, net | $420 | $479 | $(59) | | Inventories, net | $905 | $897 | +$8 | | Property, plant and equipment, net | $3,786 | $3,843 | $(57) | | Deferred tax asset | $179 | $160 | +$19 | | Derivative assets, net | $8 | $22 | $(14) | | Goodwill | $290 | $288 | +$2 | | Intangible assets, net | $381 | $409 | $(28) | | Assets held for sale | $25 | $25 | $0 | | Other assets | $1,136 | $983 | +$153 | | **Total Assets** | **$14,839** | **$16,279** | **$(1,440)** | | Accounts payable | $690 | $802 | $(112) | | Accrued expenses and other liabilities | $1,698 | $1,547 | +$151 | | Deferred tax liabilities | $233 | $331 | $(98) | | Derivative liabilities, net | $1,062 | $756 | +$306 | | Securities sold, not yet purchased, at fair value | $996 | $1,373 | $(377) | | Due to brokers | $24 | $40 | $(16) | | Debt | $6,713 | $6,809 | $(96) | | **Total Liabilities** | **$11,416** | **$11,658** | **$(242)** | | Equity attributable to Icahn Enterprises | $1,743 | $2,466 | $(723) | | Equity attributable to non-controlling interests | $1,680 | $2,155 | $(475) | | **Total Equity** | **$3,423** | **$4,621** | **$(1,198)** | | **Total Liabilities and Equity** | **$14,839** | **$16,279** | **$(1,440)** | [Non-GAAP Financial Measures & Reconciliation](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliation) [Use of Non-GAAP Financial Measures](index=5&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) This section defines EBITDA and Adjusted EBITDA and explains their use and limitations as performance indicators - **EBITDA Definition**: Earnings from continuing operations before net interest expense (excluding Investment segment), income tax (benefit) expense, and depreciation and amortization[12](index=12&type=chunk) - **Adjusted EBITDA Definition**: EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, and other non-operational charges[12](index=12&type=chunk) - **Rationale for Use**: Provides supplemental information for investors and management to evaluate core operating performance and aids in period-to-period and peer comparisons[13](index=13&type=chunk) - **Limitations**: These measures do not reflect cash expenditures, do not account for asset replacement, and are not substitutes for U.S. GAAP measures like net income[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk) [Adjusted EBITDA Reconciliation](index=8&type=section&id=Adjusted%20EBITDA%20Reconciliation) The reconciliation from net loss to Adjusted EBITDA shows improved Q2 2025 results but a worsened year-to-date figure | Metric (Millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------- | :------ | :------ | :------- | :------- | | Net loss attributable to Icahn Enterprises | $(165) | $(331) | $(587) | $(369) | | Interest expense, net | $88 | $65 | $171 | $128 | | Income tax (benefit) expense | $(30) | $16 | $(86) | $19 | | Depreciation and amortization | $90 | $84 | $169 | $170 | | EBITDA before non-controlling interests | $(17) | $(166) | $(333) | $(52) | | Impairment | $2 | $- | $11 | $- | | Restructuring costs | $(1) | $- | $5 | $- | | (Gain) loss on disposition of assets, net | $(46) | $(1) | $(44) | $4 | | Transformation costs | $12 | $11 | $20 | $22 | | (Gain) loss on extinguishment of debt, net | $(3) | $1 | $(3) | $1 | | Out of period adjustments | $- | $- | $- | $(2) | | Other adjustments | $10 | $- | $14 | $6 | | **Adjusted EBITDA attributable to IEP** | **$(43)** | **$(155)** | **$(330)** | **$(21)** | [Indicative Net Asset Value Data](index=6&type=section&id=Indicative%20Net%20Asset%20Value%20Data) [Explanation of Use](index=6&type=section&id=Explanation%20of%20Use) This section explains the purpose and limitations of indicative net asset value as a valuation metric - **Purpose**: Indicative net asset value is an additional method for considering the value of the Company's assets, believed to be helpful to investors[17](index=17&type=chunk) - **Limitations**: It does not represent the market price at which depositary units trade, nor are the units redeemable, and it excludes any value for the Investment Segment beyond its fund investments[17](index=17&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) [Indicative Net Asset Value Calculation](index=6&type=section&id=Calculation%20Details) The calculation details the components of the indicative net asset value, including subsidiaries and holding company assets | Component (Millions) | June 30, 2025 | March 31, 2025 | December 31, 2024 | | :------------------- | :------------ | :------------- | :---------------- | | Market-valued Subsidiaries and Investments | | Holding Company interest in Investment Funds | $2,464 | $2,479 | $2,703 | | CVR Energy | $1,891 | $1,330 | $1,250 | | CVR Partners LP | $24 | $16 | $13 | | **Total market-valued subsidiaries and investments** | **$4,379** | **$3,825** | **$3,966** | | Other Subsidiaries | | Viskase | $71 | $159 | $197 | | Real Estate Segment | $715 | $728 | $743 | | WestPoint Home | $166 | $166 | $162 | | Vivus | $197 | $215 | $209 | | Automotive Services | $442 | $521 | $482 | | Automotive Parts | $- | $3 | $9 | | Automotive Owned Real Estate Assets | $752 | $768 | $768 | | **Operating Business Indicative Gross Asset Value** | **$6,722** | **$6,385** | **$6,536** | | Add: Other Net Assets | $109 | $(3) | $103 | | **Indicative Gross Asset Value** | **$6,831** | **$6,382** | **$6,639** | | Add: Holding Company cash and cash equivalents | $1,086 | $1,318 | $1,397 | | Less: Holding Company debt | $(4,664) | $(4,699) | $(4,699) | | **Indicative Net Asset Value** | **$3,253** | **$3,001** | **$3,337** | [Investor Contact Information](index=8&type=section&id=Investor%20Contact%20Information) [Contact Details](index=8&type=section&id=Contact%20Details) This section provides contact information for investor inquiries - **Contact Person**: Ted Papapostolou, Chief Financial Officer[23](index=23&type=chunk) - **Email**: IR@ielp.com[23](index=23&type=chunk) - **Phone**: (800) 255-2737[23](index=23&type=chunk)

Financial Performance - For Q2 2025, revenues were $2.4 billion with a net loss of $165 million, compared to revenues of $2.2 billion and a net loss of $331 million in Q2 2024 [1][7] - For the first half of 2025, revenues were $4.2 billion with a net loss of $587 million, compared to revenues of $4.7 billion and a net loss of $369 million in the same period of 2024 [2][9] - Adjusted EBITDA loss for Q2 2025 was $43 million, an improvement from a loss of $155 million in Q2 2024 [1][7] - Adjusted EBITDA loss for the first half of 2025 was $330 million, compared to a loss of $21 million in the first half of 2024 [2][25] Asset Valuation - As of June 30, 2025, the indicative net asset value increased by $252 million to approximately $3.3 billion compared to March 31, 2025 [3][7] - The total assets of the company were reported at $14.839 billion as of June 30, 2025, down from $16.279 billion at the end of 2024 [10] Distribution Information - The Board of Directors declared a quarterly distribution of $0.50 per depositary unit, to be paid on or about September 24, 2025 [4][7] - Depositary unitholders have until September 12, 2025, to elect to receive cash or additional depositary units [4] Business Segments - Icahn Enterprises operates in various sectors including Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma [5]

Group 1 - The Conservative Income Portfolio targets high-value stocks with significant margins of safety and aims to reduce volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - Icahn Enterprises L.P. was upgraded from a "strong sell" to a "hold" after a decline of over 35% in 2024, indicating a potential recovery opportunity [2] Group 2 - Trapping Value consists of a team with over 40 years of combined experience in generating options income while focusing on capital preservation [3] - The Conservative Income Portfolio operates in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [3]

Group 1 - Icahn Enterprises L.P. will discuss its second quarter 2025 results on a webcast scheduled for August 4, 2025, at 10:00 a.m. Eastern Time [1] - Viewers are encouraged 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]

Company Overview - As of March 31, 2025, Carl Icahn and his affiliates owned approximately 86% of IEP's outstanding depositary units[7,8] - As of May 15, 2025, IEP has a $200 annualized distribution, which is a 207% yield[7] - As of March 31, 2025, IEP has liquidity through its investment in the Investment Funds of approximately $25 billion[7] Financial Performance (LTM March 31, 2025) - Investment segment assets were $3850 million, with a net loss attributable to IEP of $333 million[7] - Energy segment assets were $4722 million, with net sales of $7393 million and a net loss attributable to IEP of $153 million[7] - Automotive segment assets were $1881 million, with net sales of $1470 million and a net loss attributable to IEP of $34 million[7] - Food Packaging segment assets were $434 million, with net sales of $397 million and a net loss attributable to IEP of $20 million[7] - Real Estate segment assets were $512 million, with net sales of $95 million and a net loss attributable to IEP of $6 million[7] - Home Fashion segment assets were $220 million, with net sales of $181 million and a net loss attributable to IEP of $9 million[7] - Pharma segment assets were $274 million, with net sales of $107 million and a net income attributable to IEP of $6 million[7]

[Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements regarding future results, performance, and strategies, subject to numerous risks and uncertainties that could cause actual results to differ materially - Forward-looking statements are identified by words like "believes," "expects," "potential," and similar expressions, and are not guarantees of future performance[8](index=8&type=chunk) - The company identifies a wide range of risks that could impact future results, including economic conditions, geopolitical conflicts, investment performance, regulatory changes, and operational challenges within its diverse business segments like energy price volatility, automotive industry conditions, and supply chain issues[9](index=9&type=chunk) [PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for Q1 2025 show a net loss attributable to Icahn Enterprises of **$422 million**, a significant increase from the **$38 million** loss in Q1 2024, with total assets decreasing to **$15.5 billion** from **$16.3 billion** at year-end 2024 Condensed Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$15,481** | **$16,279** | | Cash and cash equivalents | $2,183 | $2,603 | | Investments | $2,073 | $2,310 | | Total Debt | $6,794 | $6,809 | | **Total Liabilities** | **$11,739** | **$11,658** | | **Total Equity** | **$3,742** | **$4,621** | Condensed Consolidated Statement of Operations (in millions, except per unit data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $1,867 | $2,470 | | Net loss from investment activities | $(394) | $(96) | | **Net loss** | **$(580)** | **$(26)** | | **Net loss attributable to Icahn Enterprises** | **$(422)** | **$(38)** | | Basic and Diluted loss per LP unit | $(0.79) | $(0.09) | | Distributions declared per LP unit | $0.50 | $1.00 | - Net cash used in operating activities was **$182 million** for Q1 2025, compared to **$251 million** in Q1 2024, resulting in a net decrease in cash and equivalents of **$364 million** in Q1 2025[19](index=19&type=chunk) [Note 1. Description of Business](index=11&type=section&id=Note%201.%20Description%20of%20Business) Icahn Enterprises is a diversified holding company with subsidiaries in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma, with Mr. Carl C. Icahn and his affiliates owning approximately **86%** of outstanding depositary units as of March 31, 2025 - The company operates through seven primary segments: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma[22](index=22&type=chunk) - As of March 31, 2025, Mr. Icahn and his affiliates held a controlling interest of approximately **86%** of outstanding depositary units[21](index=21&type=chunk) [Note 10. Debt](index=32&type=section&id=Note%2010.%20Debt) As of March 31, 2025, total debt was approximately **$6.8 billion**, slightly down from year-end 2024, with the Holding Company carrying the majority at **$4.7 billion** in senior notes and the Energy segment being the most indebted operating segment with **$1.9 billion** Debt Composition (in millions) | Category | March 31, 2025 | | :--- | :--- | | Holding Company | $4,699 | | Reporting Segments | $2,095 | | **Total Debt** | **$6,794** | - The company and its subsidiaries were in compliance with all debt covenants as of March 31, 2025[98](index=98&type=chunk) [Note 12. Segment Reporting](index=36&type=section&id=Note%2012.%20Segment%20Reporting) For Q1 2025, the Investment segment reported the largest net loss attributable to Icahn Enterprises at **$224 million**, contrasting sharply with the Energy segment's **$49 million** profit in Q1 2024, which turned into an **$86 million** loss in Q1 2025, while the Holding Company also contributed a significant loss of **$64 million** Net (Loss) Income Attributable to Icahn Enterprises by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Investment | $(224) | $(23) | | Energy | $(86) | $49 | | Automotive | $(27) | $(9) | | Food Packaging | $(13) | $2 | | Real Estate | $(4) | $(2) | | Home Fashion | $(2) | $(1) | | Pharma | $(2) | $1 | | Holding Company | $(64) | $(55) | | **Total** | **$(422)** | **$(38)** | [Note 16. Commitments and Contingencies](index=41&type=section&id=Note%2016.%20Commitments%20and%20Contingencies) The company faces several commitments and contingencies, including the Energy segment's **$438 million** Renewable Fuel Standard (RFS) liability, **$21 million** in pension liabilities for Viskase's underfunded plan, and an information request from the U.S. Attorney's office regarding corporate governance and capitalization - The Energy segment's RFS obligation liability increased to **$438 million** as of March 31, 2025, up from **$323 million** at year-end 2024[122](index=122&type=chunk) - The company is contingently liable for an underfunded pension plan at Viskase, estimated at **$21 million** as of March 31, 2025[128](index=128&type=chunk) - On May 3, 2023, the U.S. Attorney's office for the Southern District of New York requested information from the company regarding its governance, capitalization, securities offerings, and other materials, to which the company has produced documents in response[132](index=132&type=chunk) [Note 18. Subsequent Events](index=47&type=section&id=Note%2018.%20Subsequent%20Events) Subsequent to the quarter's end, the Board declared another quarterly distribution of **$0.50 per unit**, payable in June 2025, and Mr. Icahn and his affiliates redeemed **$208 million** from their personal interest in the Investment Funds in April 2025 - On May 5, 2025, the Board declared a quarterly distribution of **$0.50 per depositary unit**[134](index=134&type=chunk) - In April 2025, Mr. Icahn and his affiliates redeemed **$208 million** from the Investment Funds[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 net loss of **$422 million** primarily to the poor performance of the Investment Funds, which had a negative return of **8.4%**, and a significant downturn in the Energy segment, while the Holding Company's liquidity remains substantial with **$1.3 billion** in cash but relies on volatile subsidiary distributions [Results of Operations](index=52&type=section&id=Results%20of%20Operations) The consolidated net loss widened significantly in Q1 2025, driven by the Investment and Energy segments, with the Investment Funds returning a negative **8.4%** and the Energy segment's gross profit swinging from a **$150 million** profit to a **$102 million** loss YoY due to lower refining margins and higher RFS costs Investment Funds Performance | Period | Return | | :--- | :--- | | Q1 2025 | (8.4)% | | Q1 2024 | (0.8)% | - The Investment Funds' Q1 2025 negative performance was driven by net losses in long positions, particularly in the healthcare, consumer cyclical, and industrials sectors[155](index=155&type=chunk) - The Energy segment's gross profit decreased by **$252 million** YoY, primarily due to lower refining margins, increased RFS expenses, and unfavorable sales volumes from planned maintenance[166](index=166&type=chunk) - The Automotive segment's net sales and other revenues decreased by **$34 million (9%)** YoY due to lower pricing and exiting the Aftermarket Parts business[174](index=174&type=chunk) [Liquidity and Capital Resources](index=64&type=section&id=Liquidity%20and%20Capital%20Resources) The Holding Company maintained a strong liquidity position with **$1.3 billion** in cash and **$2.5 billion** invested in the Investment Funds as of March 31, 2025, but its cash flow depends on distributions from subsidiaries, which can be restricted, as CVR Energy suspended its dividend in Q4 2024 and Q1 2025 Holding Company Liquidity (as of March 31, 2025) | Item | Amount (billions) | | :--- | :--- | | Cash and cash equivalents | $1.3 | | Investments in Investment Funds | $2.5 | | Total Debt | $4.7 | - The Holding Company's ability to meet obligations depends on cash flows from subsidiaries, which may be restricted, with CVR Energy suspending its dividend, impacting cash flow to the parent[194](index=194&type=chunk) - As of March 31, 2025, the Investment Funds had a net long notional exposure of **20%**, with **95%** long exposure and **74%** short exposure[210](index=210&type=chunk) - The company has a repurchase program authorizing up to **$500 million** in depositary units and has re-approved authorization for up to an additional **$500 million** in senior notes[207](index=207&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=75&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposure is through its Investment segment, where a hypothetical **10%** adverse change in the fair value of investments would negatively impact securities owned by **$204 million**, securities sold short by **$90 million**, and derivatives by **$365 million** - The company's predominant market risk is tied to the investment activities of its Investment Funds[236](index=236&type=chunk) - A hypothetical **10%** adverse change in the fair value of investments held by the Investment Funds would result in significant negative impacts: **$204 million** for securities owned, **$90 million** for securities sold short, and **$365 million** for derivatives[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[240](index=240&type=chunk) - No material changes were made to the internal control over financial reporting during the first quarter of 2025[241](index=241&type=chunk) [PART II. OTHER INFORMATION](index=78&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to litigation in the ordinary course of business, with no material changes to lawsuits and proceedings from those reported in the 2024 Annual Report on Form 10-K, as detailed in Note 16 of the financial statements - No material changes to legal proceedings were reported for the quarter, with details on ongoing matters referenced in Note 16, "Commitments and Contingencies"[244](index=244&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) There were no material changes to the company's risk factors during the first quarter of 2025 as compared to those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - The company reported no material changes to its risk factors from its most recent annual report[245](index=245&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use or Proceeds](index=79&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20or%20Proceeds) The company did not repurchase any of its depositary units during the quarter under its approved repurchase program - No depositary units were repurchased by the issuer during the period[247](index=247&type=chunk) [Item 5. Other Information](index=79&type=section&id=Item%205.%20Other%20Information) During the last fiscal quarter, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the quarter[248](index=248&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amended partnership agreements, CEO/CFO certifications required by the Sarbanes-Oxley Act, and Inline XBRL data files - The exhibits include required CEO and CFO certifications under Sarbanes-Oxley Sections 302 and 906[249](index=249&type=chunk)

Financial Data and Key Metrics Changes - NAV decreased by $336 million from Q4 2024, primarily due to negative performance in funds and accrual for distribution, partially offset by increases in CVI and auto service [5] - Investment funds ended down approximately 8.4% for the quarter, mainly driven by healthcare investments [6] - The company ended the quarter with $1.3 billion in cash and cash equivalents at the holding company, and an additional $900 million of cash at the funds [6] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $61 million for Q1 2025, compared to $203 million in Q1 2024, impacted by the Coffeyville refinery turnaround and unfavorable RINs valuation [11] - Automotive segment sales were down 9% year over year; excluding the wind down of the parts business, sales were down 6% [12] - Adjusted EBITDA for the automotive segment was negative $6 million, with profitability suffering due to labor hiring and inventory optimization efforts [13] - Real estate's Q1 2025 adjusted EBITDA decreased by $1 million compared to the prior year quarter [15] - Food Packaging's adjusted EBITDA decreased by $6 million due to lower prices and higher material costs [16] - Pharma's adjusted EBITDA for Q1 2025 came in lower by $3 million due to increased R&D spending and marketing expenses [17] Market Data and Key Metrics Changes - The company noted a modestly positive performance quarter to date when marking to market the funds and adding in CVI and UAN [6][25] Company Strategy and Development Direction - The company is focusing on significant investments in labor, inventory, equipment, and marketing to improve the automotive segment's performance [12] - The board maintained a quarterly distribution at $0.50 per depositary unit, indicating a commitment to returning value to shareholders [7] - The company is exploring the sale of additional properties in its portfolio and seeking new opportunities that fit its investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of outstanding litigation related to small refinery exemptions, which could remove a $438 million liability [5] - The company sees considerable value creation potential in its portfolio despite market volatility [7] - Management believes that investments in the automotive segment, while painful in the short term, are necessary for long-term profitability [13] Other Important Information - The company has a significant liquidity position, with $3.8 billion in cash and investments at the holding company and $1.3 billion at subsidiaries [18] Q&A Session Summary Question: Can you provide details on the automotive segment store closures? - Management refrained from discussing the aggregate EBITDA loss from store closures but indicated that many previously profitable stores are now money-losing and are being evaluated for closure [20][21] Question: Are there any liabilities associated with the store closures? - Management noted that some closures present opportunities, with one previously underperforming store sold for $4 million, indicating that many closures should not be considered liabilities [22][23] Question: What is the current status of indicative net asset value? - Management clarified that the public portfolio and marked investments were modestly positive as of the last Friday [25]

Financial Data and Key Metrics Changes - NAV decreased by $336 million from Q4 2024, primarily due to negative performance in funds and accrual for distribution, partially offset by increases in CVI and auto service [5] - Investment funds ended down approximately 8.4% for the quarter, mainly driven by healthcare investments [6] - The company ended the quarter with $1.3 billion in cash and cash equivalents at the holding company, and an additional $900 million of cash at the funds [6] Business Line Data and Key Metrics Changes - Energy segment consolidated EBITDA was negative $61 million for Q1 2025, compared to $203 million in Q1 2024, impacted by the Coffeyville refinery turnaround and unfavorable RINs valuation [11] - Automotive segment sales were down 9% year over year, with adjusted EBITDA at negative $6 million [12][13] - Real estate's Q1 2025 adjusted EBITDA decreased by $1 million compared to the prior year quarter [15] - Food Packaging's adjusted EBITDA decreased by $6 million due to lower prices and higher costs [16] - Pharma's adjusted EBITDA decreased by $3 million due to higher R&D and marketing expenses [17] Market Data and Key Metrics Changes - CVI share price increased by 3%, leading to an increase of $80 million from the fourth quarter [5] - The funds ended the quarter approximately 20% net long, adjusting for refining hedges, the fund was 35% net long [10] Company Strategy and Development Direction - The company is focusing on significant value creation potential in its portfolio, particularly in electric utilities benefiting from AI-driven demand [7][8] - The automotive segment is undergoing restructuring, including store closures and investments in labor and facilities to improve long-term profitability [12][13] - The company is exploring the sale of additional properties and seeking new opportunities that fit its investment strategy [15] Management's Comments on Operating Environment and Future Outlook - Management remains hopeful for a resolution regarding small refinery exemptions that could remove a $438 million liability [5] - The company is maintaining liquidity to capitalize on attractive opportunities within and outside existing operating segments [18] Other Important Information - The board has maintained a quarterly distribution at $0.50 per depositary unit [6] - The company is actively seeking to improve operational efficiency in its Food Packaging segment through a restructuring plan [16] Q&A Session Summary Question: Can you provide details on the automotive segment store closures? - Management refrained from discussing the aggregate EBITDA loss for the money-losing stores but indicated that they are taking a hard look at the causes of decline and will be closing underperforming stores [20][21] Question: Are there any liabilities associated with the store closures? - Management noted that some closures have turned into opportunities, with one store sold for $4 million despite being a money loser [22][23] Question: What is the current status of indicative net asset value? - Management clarified that the public portfolio, including funds and marked investments, was modestly positive as of the last Friday [24]