Q4 2025 Earnings Presentation Icahn Enterprises L.P. February 25, 2026 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 ...

Core Viewpoint - EDP Renovaveis (EDPR) is optimistic about its growth prospects in the U.S. market following the resolution of regulatory uncertainties that had previously hindered offshore wind projects [1][2]. Group 1: Regulatory Environment - The CEO of EDPR noted that the regulatory framework in the United States has seen significant clarification over the past year, which has eased previous uncertainties [2]. - In January 2025, a directive from President Donald Trump temporarily halted new approvals for offshore wind projects, creating initial concerns about investment delays [1]. Group 2: Growth Expectations - EDPR experienced a strong growth year in 2025 and anticipates continued positive performance in 2026 and beyond in the U.S. market [2]. - The company expresses a strong sense of optimism regarding future growth opportunities in the renewable energy sector in the United States [2].

Core Insights - The company is focused on profitable growth in both Agribusiness and renewables, with significant investments planned for 2026 [2][14] - The fourth quarter of 2025 saw record earnings per share (EPS) and strong operational performance, particularly in the renewables segment [4][5] - The company anticipates improved financial results in Agribusiness for 2026, driven by better market conditions and strong demand for ethanol [14][15] Financial Performance - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, an increase from $47 million or $1.36 per diluted share in Q4 2024 [5] - Gross profit for Q4 2025 was $231 million, an 8% increase year-over-year, primarily due to higher volumes and margins in renewables [5][6] - Full-year gross profit reached $714 million, a 3% increase, with adjusted EBITDA for Q4 at $137 million compared to $117 million in 2024 [6][7] Agribusiness Segment - Agribusiness reported Q4 pretax income of $46 million, down from $56 million in 2024, with challenges in merchandising due to well-supplied grain markets [10][11] - The segment's adjusted EBITDA for Q4 was $80 million, compared to $88 million in 2024, reflecting the impact of a large harvest and favorable grain acquisition [11][12] - The company expects basis appreciation in the Western footprint and continued sorghum exports into 2026 [15][16] Renewables Segment - The renewables segment generated Q4 pretax income of $54 million, significantly up from $17 million in 2024, driven by full ownership of ethanol plants [12][13] - Ethanol production reached record levels, with board crush margins increasing by $0.15 per gallon year-over-year [12] - Adjusted EBITDA for renewables in Q4 was $69 million, compared to $41 million in the same quarter of 2024 [12] Strategic Outlook - The company plans to complete several large capital projects in 2026, enhancing operational efficiency and product handling capabilities [17][19] - There is optimism regarding the domestic demand for ethanol and related products, supported by favorable biofuels policies [18][20] - The company is well-positioned to serve customers with crop inputs and expects to maintain a strong balance sheet to support future growth [20]

Earnings Call FOURTH QUARTER 2025 February 18, 2026 Q1'25 EARNINGS PRESENTATION Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward-looking statements as a result of many factors including general economic, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company's publicly-filed documents, including ...

Malaysia’s biggest solar company Solarvest plans to more than double its generation capacity in the next two years, as declining battery costs enables further deployment of renewables https://t.co/lm2JPllZRq ...

Core Insights - The energy sector has emerged as the top performer in the stock market for 2026, with a year-to-date gain of 12.9% as of February 2 [1] Group 1: Energy Sector Performance - The energy sector includes companies involved in oil, gas, and consumable fuels, as well as related equipment and services [2] - The outperformance of the energy sector is driven by surging electricity demand from AI data centers, leading to U.S. power consumption growth at five times the pace of the past decade [4] - Clean energy is recovering, shifting towards demand-led growth, with renewables attracting capital and outperforming traditional fuel segments [5] Group 2: Other Sector Performance - Basic materials have shown an 11.58% rise, supported by industrial recovery, while industrials gained 7.59% and consumer defensive stocks advanced 7.34% [3] - Communication services rose 3.65%, real estate 2.77%, and utilities 2.76%, while consumer cyclical edged up 1.25% and healthcare at 0.58% [3] - Financials dipped 0.19% and technology declined 0.8%, reflecting broader market adjustments [3] Group 3: Oil and Gas Sector Dynamics - In the oil and gas sector, refiners and midstream operators have remained resilient due to operational efficiency and long-term contracts despite crude price volatility [6] - Expectations of price recovery driven by tightening low-cost supply have improved earnings outlooks for the sector [6] - Policy support for large-scale renewables and domestic production, including LNG exports, has further stabilized the sector and boosted activity [6]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: Global Alternative Energy - **Outlook**: Improved investor sentiment driven by increased policy certainty in the US and global electricity load growth [2][7] Core Insights - **Load Growth**: - Load growth has been stagnant at approximately 0.5% annually over the past decade, but estimates have recently risen to around 2% or higher for the next five years due to AI-driven data center demand and broader electrification trends [5][6] - This growth is expected to exert upward pressure on power pricing, benefiting baseload power sources such as gas turbines, nuclear, and renewables paired with battery energy storage systems (BESS) [5][6] - **Policy Environment**: - Increased clarity in US renewable energy policy through the passage of significant legislation, though risks remain, including potential investigations and tariff decisions that could impact solar costs [5][6] - The Department of Commerce's investigations and permitting issues for solar and wind projects on federal land present uncertainties [6] Investment Preferences - **Top Picks in Clean Energy**: - **US**: GE Vernova (GEV), Brookfield Renewable (BEP/BEPC), NextPower (NXT), and EVgo (EVGO) [2][12][19] - **Europe**: Siemens Energy (ENR), Vestas (VWS), and Prysmian (PRY) [2][15][17] - **Asia**: Orient Cables (603606 CH), Daqo (DQ), GCL Tech (3800 HK), Arctech (688408 CH), and Sungrow (300274 CH) [2] Market Dynamics - **Solar Market**: - Preference for utility-scale solar over residential due to better positioning regarding policy and economic factors [7] - In China, polysilicon prices have recovered by approximately 50% due to policy interventions, with Daqo and GCL Tech highlighted as strong picks [20] - **Wind Market**: - BNEF forecasts significant growth in global wind installations, with a projected 16% growth in 2026 [17] - Vestas is expected to outperform the European Capital Goods sector due to stable input prices and lower interest rates [17] - **Energy Storage**: - Global energy storage demand exceeded expectations in 2025, with a forecasted 57% increase in battery shipments for 2025 [7] - The forecast for 2026 global ESS installations has been raised by approximately 30% [7] - **Electric Vehicle Charging**: - Sentiment around EV charging remains cautious, with anticipated declines in US EV sales [7] - EVgo is preferred due to its growing customer base and network throughput potential [19] Additional Insights - **Nuclear Fuel Cycle**: - Global nuclear generation is expected to reach record highs, increasing demand for enriched uranium [8] - Centrus Energy (LEU) is noted as a key player, though it faces execution risks [8] - **US Clean Energy Outlook**: - BNEF anticipates a decline in US clean energy build from 2026 to 2028 before returning to modest growth through 2035 [62] - The market is expected to consolidate as larger projects become more complex, favoring tier-1 developers [63] - **Residential Solar Market**: - A projected decline of 15-20% in US residential solar installations in 2026 due to the expiration of certain tax credits [64] - RUN is highlighted as a preferred pick in the residential space due to its visibility in solar lease/PPA qualifications [65] Conclusion - The global alternative energy sector is poised for growth driven by load demand and supportive policies, though challenges remain in the form of regulatory uncertainties and market dynamics. Key investment opportunities exist in diversified companies with strong balance sheets and exposure to emerging technologies.

Core Insights - Listed infrastructure underperformed global equities in Q4, despite two cuts in short-term rates in the U.S., due to higher long-term bond yields and a prevailing higher-for-longer sentiment [3] - European utilities outperformed U.S. utilities, aided by improving regulations, while renewables benefited from their increasing relevance in AI and policy derisking [3] Sector Performance - Underperforming sectors included natural gas utilities, energy infrastructure pipelines, communication towers, and North American rails, primarily due to higher production levels and adverse weather forecasts for natural gas [4] - Electric utilities, particularly in Western Europe, were the top contributors, with SSE and Iberdrola leading the performance [5][6][7] Company Highlights - SSE, the largest renewable energy generator in the U.K., saw its share price rise as funding risks diminished and macroeconomic concerns eased [6] - Iberdrola, a multinational integrated electric utility, raised guidance during its third-quarter results, reflecting strong operational performance [7] - OGE Energy and Redeia were the largest detractors, with OGE facing delays in a data center deal and Redeia impacted by negative sentiment from a regulatory review [8][9] Outlook - The outlook for listed infrastructure remains positive, with expectations of continued performance driven by inflection in electricity demand and solid earnings growth, supported by lower nominal bond yields [10] - Electric utilities are benefiting from several tailwinds, including the energy transition, climate change adaptation, and growing electricity demand from AI data centers and industrial sectors [11] Portfolio Highlights - The strategy saw positive contributions from eight out of ten sectors, with electric and water utilities being the top contributors, while energy infrastructure and communications were detractors [13] - The strategy outperformed relative to the FTSE Global Core Infrastructure 50/50, driven by stock selection in electric, water, and gas utility sectors, along with a renewables overweight [14] - Top contributors to absolute returns included SSE, Iberdrola, Enel, NextEra Energy, and Clearway Energy, while detractors included OGE Energy, Redeia, WEC Energy, Enbridge, and Crown Castle [15] Investment Activity - New positions were initiated in U.S. electric utilities Portland General Electric and Edison International, as well as French utility Engie and Brazilian utility Axia Energia, while positions in CPFL Energia, Crown Castle, and WEC Energy were exited [16]

Core Insights - TotalEnergies has agreed to sell 50% of a 424-megawatt portfolio of renewable assets in Greece to Asterion Industrial Partners for €254 million [1] Company Summary - The transaction involves a significant stake in renewable energy assets, indicating TotalEnergies' strategic move to partner with investment firms in the renewable sector [1] - Asterion Industrial Partners, a Spanish investment management firm, is expanding its portfolio in the renewable energy space through this acquisition [1] Industry Summary - The sale reflects ongoing trends in the renewable energy market, where major oil companies are divesting from traditional assets to focus on sustainable energy solutions [1] - The deal highlights the increasing interest and investment in renewable energy infrastructure in Europe, particularly in Greece [1]

Summary of J.P. Morgan Clean Energy Conference Call Industry Overview - The focus for investors heading into 2026 will be on baseload power sources, with a shift towards individual stock fundamentals and valuations rather than just thematic exposure [1][4] - The utility-scale renewable market is expected to outperform, with a trend towards larger and more complex projects leading to consolidation among upstream and downstream providers [1][4] Key Insights - **Baseload Power Sources**: Anticipated increase in order activity for baseload power sources such as CCGT, fuel cells, and geothermal, driven by data centers and US manufacturing onshoring [1][4] - **Consolidation in Renewables**: Despite a projected 13% year-over-year decline in US utility-scale solar, larger developers remain optimistic due to strong backlogs, indicating a ripe environment for consolidation [1][4] - **Investor Sentiment**: Improved investor sentiment and increased interactions with generalists have been noted, with renewables trading at a ~26% higher multiple compared to a ~12% increase for the S&P 500 [1][6][33] Risks and Challenges - Potential headwinds include: 1. Increased costs for solar due to the Department of Commerce's Section 232 investigation into polysilicon imports [1][4] 2. New permitting requirements for solar and wind projects on federal land [1][4] 3. Possible tariff decisions affecting imports from Laos, Indonesia, and India [1][5] 4. Legal challenges regarding President Biden's AD/CVD moratorium [1][5] Stock Ratings and Recommendations - **Top Picks**: - Brookfield Renewable Partners (BEP) and Brookfield Renewable Corp (BEPC) are highlighted for their scale and capital access, with a price target of $34 for BEP and $48 for BEPC [1][12] - GE Vernova (GEV) is expected to see order activity and pricing accelerate, with a price target of $740 [1][13] - NextPower (NXT) is well-positioned for market share gains, with a price target of $110 [1][14] - **Rating Changes**: - Upgrades: Generac (GNRC) and Quanta Services (PWR) to Overweight [1][15][17] - Downgrades: Enlight Renewable Energy (ENLT) to Underweight and Primoris (PRIM) to Neutral [1][18][19] Financial Metrics - **Stock Performance**: Notable year-to-date performance includes: - Generac (GNRC) +5% - Brookfield Renewable Partners (BEP) +32% - GE Vernova (GEV) +92% [1][28] - **Valuation Multiples**: Renewables coverage has expanded multiples significantly since mid-August 2025, reflecting improved visibility into incentives [1][33] Conclusion - The clean energy sector is poised for growth with a focus on larger projects and consolidation, despite facing regulatory and market challenges. The sentiment among investors is improving, and select stocks are recommended based on their fundamentals and market positioning [1][4][6][12][33]