Icahn Enterprises L.P.

Q3 2023 Earnings Presentation

November 3, 2023

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," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors, including interest rate increases; the impacts from the Russia/Ukraine conflict and the conflict in the Middle East, including economic volatility and the impacts of export controls and other economic sanctions. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.

2

Q3 2023 Highlights and Recent Developments

FINANCIAL

RESULTS

L.P.

UNITHOLDERS

  • Third quarter net loss attributable to IEP of $6 million, an improvement of $117 million over prior year quarter
  • Third quarter Adjusted EBITDA(1) attributable to IEP of $272 million, an increase of $202 million over prior year quarter
  • Indicative net asset value (2) increased $147 million compared to June 30, 2023, and decreased $474 million compared to December 31, 2022, respectively. The year-to-date figures include non-recurring losses in connection with Auto Plus bankruptcy.
  • IEP maintains the quarterly distribution of $1.00 per depositary unit for the third quarter

1)

Refer to the Non-GAAP Reconciliations in the Appendix

3

2)

The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP

earnings

Financial Performance

Net Income (Loss) Attributable to Icahn Enterprises

Three Months Ended

September 30,

($Millions)

2023

2022

Operating Segments:

Energy

$235

$60

Automotive

7

(21)

Real Estate

10

4

All Other (2)

(1)

(19)

Operating Segments

251

24

Investment

(166)

(81)

Holding Company

(91)

(66)

Consolidated

($6)

($123)

Adjusted EBITDA Attributable to Icahn Enterprises(1)

Three Months Ended

September 30,

($Millions)

2023

2022

Operating Segments:

Energy

$347

$124

Automotive

32

1

Real Estate

14

7

All Other (2)

24

5

Operating Segments

417

137

Investment

(137)

(62)

Holding Company

(8)

(5)

Consolidated

$272

$70

  1. Refer to the Non-GAAP Reconciliations in the Appendix
  2. All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of these separate segments can be found in our Form 10-Q filed with the SEC. Refer to the Non-GAAP Reconciliations in the Appendix for Adjusted EBITDA results for each of these separate segments

4

Segment: Investment

Segment Description

  • IEP invests its proprietary capital through various private investment funds (the "Funds") managed by the Investment segment
  • Fair value of IEP's investment in the Funds was approximately $3.6 billion as of September 30, 2023

Summary Segment Financial Results

Three Months Ended

Nine Months Ended

Investment Segment

September 30,

September 30,

($Millions)

2023

2022

2023

2022

Selected Income Statement Data:

Total revenue

($245)

($137)

($956)

$364

Adjusted EBITDA(3)

(248)

(139)

(975)

348

Net income (loss)

(297)

(181)

(1,107)

221

Adjusted EBITDA attributable to IEP(3)

(137)

(62)

(482)

173

Net income (loss) attributable to IEP

(166)

(81)

(552)

115

Returns

-4.4%

-1.9%

-13.3%

2.4%

Highlights and Recent Developments

  • As of September 30, 2023, the Funds had a net short notional exposure of 41%
  • Returns of negative 4.4% for Q3 2023

Significant Holdings

As of September 30, 2023

Company

Mkt. Value ($mm)(1)

% Ownership(2)

$803

7.52%

$666

15.42%

$482

2.46%

$302

1.39%

$285

9.53%

(1)

Based on closing share price as of specified date

5

(2)

Total economic ownership as a percentage of common shares issued and outstanding

(3)

Refer to the Non-GAAP Reconciliation in the Appendix

Segment: Energy

Segment Description

  • CVR Energy, Inc. (NYSE: CVI) is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its interests in CVR Refining, LP and CVR Partners, LP (NYSE: UAN)
  • CVR Refining is an independent petroleum refiner and marketer of high-value transportation fuels in the mid- continent of the United States
  • CVR Partners is a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products

Summary Segment Financial Results

Highlights and Recent Developments

• CVR Energy Q3 2023 Highlights

• Net sales decreased over the same period last year by $177 million (-6.6%)

• Adjusted EBITDA attributable to IEP increased by $223 million to $347 million

for Q3 2023 compared to $124 million in the prior-year period

• Declared a $0.50 per share and a special $1.50 per share quarterly cash

dividend

• Petroleum Q3 2023 Results

• Processed approximately 212,000 barrels per day of total throughput in the

quarter

• Refining margin for Q3 2023 was $31.05 per throughput barrel, compared to

$16.56 during Q3 2022

Energy Segment ($Millions)

Selected Income Statement Data: Net sales

Adjusted EBITDA(2)

Net income (loss)

Adjusted EBITDA attributable to IEP(2) Net income (loss) attributable to IEP

Capital Expenditures

Three Months Ended

Nine Months Ended

September 30,

September 30,

2023

2022

2023

2022

$2,522

$2,699

$7,045

$8,216

530

181

1,231

939

342

68

745

436

347

124

749

539

235

60

453

231

$50

$57

$150

$145

• Nitrogen Fertilizer Q3 2023 Results

•

EBITDA of $32 million compared to $10 million in Q3 2022(1)

•

Q3 2023 average realized gate prices for UAN decreased by 48% percent to

$223 per ton and ammonia decreased by 56% percent to $365 per ton when

compared to the prior year quarter

(1) Refer to the Petroleum and Nitrogen Fertilizer EBITDA reconciliations in the Non-GAAP Reconciliations Appendix

6

(2) Refer to the Non-GAAP Reconciliations in the Appendix

Segment: Automotive

Segment Description

  • We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC ("Icahn Automotive") and our wholly owned subsidiary, AEP PLC LLC ("AEP PLC")
  • The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services ("Automotive Services") to its customers, as well as sales of automotive aftermarket parts and retailed merchandise ("Aftermarket Parts"). In addition to their primary business, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases

Summary Segment Financial Results

Three Months Ended

Nine Months Ended

Automotive Segment

September 30,

September 30,

($Millions)

2023

2022

2023

2022

Selected Income Statement Data:

Net sales and other revenue from

$444

$625

$1,326

$1,809

operations

Adjusted EBITDA(1)

32

1

85

12

Net income (loss)

7

(21)

(2)

(64)

Capital Expenditures

$17

$36

$38

$87

Highlights and Recent Developments

  • Automotive Segment
    • Net sales and other revenues decreased by $181 million and Adjusted EBITDA improved $31 million for Q3 2023 compared to Q3 2022
  • Automotive Services
    • Q3 2023 revenue decreased by $4 million compared to Q3 2022 driven by closure of unprofitable locations and reduced car count
  • Aftermarket Parts Sales
    • Q3 2023 revenues decreased by $178 million compared to Q3 2022 primarily driven by the deconsolidation of AutoPlus on January 31, 2023

(1) Refer to the Non-GAAP Reconciliations in the Appendix

7

Segment: Real Estate

Segment Description

  • Our Real Estate segment consists of investment properties which includes retail, office and industrial properties leased to corporate tenants, the development and sale of single- family homes, and the operations of a resort and a country club

Summary Segment Financial Results

Three Months Ended

Nine Months Ended

Real Estate Segment

September 30,

September 30,

($Millions)

2023

2022

2023

2022

Selected Income Statement Data:

Net sales and other revenue from

$51

$33

$107

$91

operations

Adjusted EBITDA(1)

14

7

22

17

Net income (loss)

10

4

13

8

Capital Expenditures

$0

$1

$2

$7

Highlights and Recent Developments

  • Q3 2023 Net sales and other revenue from operations increased by $18 million compared to Q3 2022 driven by the sale of an investment property of $17 million, increased occupancy and hotel rates at our resort, and increased membership fees at our country club
  • Q3 2023 Adjusted EBITDA for the real estate segment increased $7 million compared to Q3 2022 driven by increased development home sales

(1) Refer to the Non-GAAP Reconciliations in the Appendix

8

All Other Operating Segments

All Other Segments Description

  • Food Packaging: We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (OTCPK:VKSC), a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry
  • Home Fashion: We conduct our Home Fashion segment through our wholly owned subsidiary, WestPoint Home LLC. WestPoint Home LLC is engaged in manufacturing, sourcing, marketing, distributing and selling home fashion consumer products.
  • Pharma: We conduct our Pharma segment through our wholly owned subsidiary, Vivus LLC. Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development

Summary All Other Segments Financial Results

Three Months Ended

Nine Months Ended

All Other Operating Segments (1)

September 30,

September 30,

($Millions)

2023

2022

2023

2022

Selected Income Statement Data:

Net sales and other revenue from

$177

$174

$543

$544

operations

Adjusted EBITDA(2)

25

6

76

43

Net income (loss)

(1)

(19)

6

(25)

Adjusted EBITDA attributable to IEP (2)

24

5

71

39

Net income (loss) attributable to IEP

(1)

(19)

5

(25)

Capital Expenditures

$3

$6

$11

$15

Highlights and Recent Developments

  • Q3 2023 Adjusted EBITDA attributable to IEP for all other segments was $24 million compared to $5 million for Q3 2022
    • Food Packaging Adjusted EBITDA attributable to IEP increased by $3 million or 27% primarily due to improved gross margin management and reductions in distribution costs
    • Home Fashion Adjusted EBITDA attributable to IEP increased by $8 million driven by lower pricing material costs and pricing ini a ves
    • Pharma Adjusted EBITDA attributable to IEP increased by $8 million primarily due to margin improvement

(1)

All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of these separate segments can be found in our Form 10-Q

9

filed with the SEC

(2)

Refer to the Non-GAAP Reconciliations in the Appendix

Financial Performance

10

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Disclaimer

Icahn Enterprises LP published this content on 03 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 13:27:11 UTC.