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ICAHN ENTERPRISES L.P. Icahn Enterprises L.P. Q2 2026 Earnings Presentation August 5 , 2026 1
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Forward-Looking Statements and Non-GAAP Financial MeasuresThe Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-lookingstatements we make in this presentation, including statements regarding our future performanceand plans for our businesses and potential acquisitions. Forward-looking statements may beidentified by words such as “believes,” "expects," “potential,” “continues,” “may,” “should,” “seeks,”“predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,” “shouldbe” or words of similar meaning and include, but are not limited to, statements about the expectedfuture business and financial performance of Icahn Enterprises L.P . and its subsidiaries. Actualevents, results and outcomes may differ materially from our expectations due to a variety of knownand unknown risks, uncertainties and other factors that are discussed in our filings with theSecurities and Exchange Commission, including economic, competitive, legal and other factors,including interest rate increases; the impacts from the Russia/Ukraine conflict and the conflicts inthe Middle East, including the U.S.-Israel and Iran war, and any related economic volatility,disruptions to global commodity markets, export controls and other economic sanctions; andpolitical and regulatory uncertainty, including changing economic policy and the imposition oftariffs. Accordingly, there is no assurance that our expectations will be realized. We assume noobligation to update or revise any forward-looking statements should circumstances change, exceptas 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 GAAPfinancial measures can be found in the back of this presentation.2 Safe Harbor Statement
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•Q2 2026 net loss attributable to IEP of $355 million, or a loss of $0.52 per depositary unit, compared to net loss attributable to IEP of $165 million, or a loss of $0.30 per depositary unit, for Q2 2025•Q2 2026 Adjusted EBITDA loss attributable to IEP(1)(2)was $134 million compared to Adjusted EBITDA attributable to IEP of $40 million for Q2 2025•Indicative net asset value(3)as of June 30, 2026, was approximately $2.6 billion, a decrease of $765 million compared to March 31, 2026•In July 2026, IEP entered into an agreement to sell Pep Boys – Manny Moe & Jack Holding Corp for $700 million, subject to customary closing conditions, and the transaction is anticipated to close in the coming months 3 Q2 2026 Highlights and Recent Developments 1) The presentation of Adjusted EBITDA in this presentation for has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” at the end of this presentation for additional explanation of the updates in our presentation.2) Refer to the Non-GAAP Reconciliations in the Appendix3) 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 RESULTSL.P . UNITHOLDERS•IEP declares second quarter distribution of $0.50 per depositary unit
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4 Financial PerformanceAdjusted EBITDA Attributable to Icahn Enterprises(1)Net Income (Loss) Attributable to Icahn Enterprises (1) Refer to the Non-GAAP Reconciliations in the Appendix(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” at the end of this presentation for additional explanation of the updates in our presentation. ($Millions)Segments:EnergyAutomotiveFood PackagingReal EstateHome FashionPharma SubtotalInvestmentHolding CompanyConsolidated2026 2025($7)($84)(10) (25) Three Months Ended June 30, (7) 4 (6) (3) (1) 43 (2) (2) ($355)($165)(238) (16) (84) (82) (33) (67) ($Millions)Segments:EnergyAutomotiveFood PackagingReal EstateHome FashionPharma SubtotalInvestmentHolding CompanyConsolidated1 5 2 4 11 Three Months Ended June 30, 2026 2025$102$402 - 1 (4) 10 ($134)$40112 62 (238) (16) (8) (6)
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Segment: InvestmentSegment Description•Our Investment segment is comprised of private investment funds (“Investment Funds” or the “Funds”) in which we have general partner interests and through which we invest our proprietary capital•We and Mr. Icahn and certain of his family members and affiliates are the only investors in the Investment Funds•Fair value of IEP’s investment in the Funds was approximately $2 billion as of June 30, 2026Highlights and Recent Developments•Returns of negative 10.9% for Q2 2026•Returns of negative 7.7% excluding refining hedges for Q2 2026, which serve as economic hedges against the value of CVI that is held outside the Investment Funds•As of June 30, 2026, the Investment Funds had a net short notional exposure of 30%•Excluding refining hedges, the Investment Funds had a net long notional exposure of 23%Summary Segment Financial Results(1) Market value and percentage ownership are based on holdings and closing share price as of specified date and consist of shares owned and shares that may be acquired upon the exercise of forward contracts, and excludes the impact of cash-settled equity swap agreements, which from time to time have the effect of significantly increasing the economic exposure of the Investment Funds to particular portfolio investment positions. (2) Refer to the Non-GAAP Reconciliation in the Appendix5Significant Holdings(1)As of June 30, 2026% OwnershipMkt. Value ($mm)Company14%$4342%$3395%$3181%$1436%$118 ($Millions)Selected Income Statement Data:Adjusted EBITDA(2)($312) ($34) ($591) ($384)Net income (loss) (312) (34) (591) (384) Adjusted EBITDA attributable to IEP(2)(238) (16) (448) (240) Net income (loss) attributable to IEP (238) (16) (448) (240) Returns-10.9%-0.5%-18.2%-8.8%Investment SegmentThree Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025
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Segment: EnergySegment Description•CVR Energy, Inc. (NYSE: CVI) is a diversified holding company primarily engaged in the petroleum refining, renewables, 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 (“UAN”) solution fertilizer productsHighlights and Recent Developments•CVR Energy Q2 2026 Highlights•Adjusted EBITDA increased by $110 million to $209 million for Q2 2026 compared to $99 million in Q2 2025•Declared a $0.10 per share quarterly cash dividend•Petroleum Q2 2026 Results•Processed approximately 213,000 barrels per day of total throughput in the quarter•Refining margin for Q2 2026 was $9.94 per throughput barrel, compared to $2.21 during Q2 2025 •Nitrogen Fertilizer Q2 2026 Results•Q2 2026 average realized gate prices for UAN increased by 24% percent to $392 per ton and ammonia increased by 33% percent to $791 per ton when compared to Q2 2025Summary Segment Financial Results(1) Refer to the Non-GAAP Reconciliations in the Appendix(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” at the end of this presentation for additional explanation of the updates in our presentation.6($Millions)Selected Income Statement Data:Net sales $2,738 $1,761 $4,718 $3,407 Adjusted EBITDA(1)(2)209 99 246 122 Net income (loss) 34 (102) (139) (219) Adjusted EBITDA attributable to IEP(1)(2)102 40 97 34 Net income (loss) attributable to IEP (7) (84) (146) (170) Capital Expenditures 43 41 90 92 2026 2025 2026 2025Energy SegmentThree Months Ended Six Months Ended June 30, June 30,
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Segment: AutomotiveSegment Description•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”). We fully exited the Aftermarket Parts business in the first quarter of 2025. In addition to its primary business, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases.Highlights and Recent Developments•Q2 2026 Net sales and other revenues, which include Automotive Services and Leasing revenues, decreased $10 million when compared to Q2 2025•Automotive Services revenue was $341 million, down $14 million when compared to Q2 2025•Adjusted EBITDA decreased $4 million for Q2 2026 compared to Q2 2025•In July 2026, Icahn Automotive Group LLC (“IAG”) entered into a stock purchase agreement to sell Pep Boys – Manny Moe & Jack Holding Corp. for $700, subject to customary closing conditions and the transaction is expected to close in the coming months. Certain businesses, assets and liabilities will be retained by IAG, including its franchise businesses and certain operating leasesSummary Segment Financial Results(1) Refer to the Non-GAAP Reconciliations in the Appendix7($Millions)Selected Income Statement Data:Net sales and other revenue from operations$353 $363 $682 $712Adjusted EBITDA(1)1 5 (3) 2 Net income (loss) (10) (25) (30) (52) Capital Expenditures21 22 68 46 2026 2025 2026 2025Automotive SegmentThree Months Ended Six Months Ended June 30, June 30,
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All Other Operating SegmentsAll Other Segments Description•Real Estate: Our Real Estate segment primarily consists of investment properties which includes land, 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•Food Packaging: We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Holdings, Inc. (OTCID:VISK), a producer 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, two product candidates in active clinical development and two product candidates in early-stage developmentHighlights and Recent Developments•Q2 2026 Adjusted EBITDA attributable to IEP for all other segments was $9 million compared to Adjusted EBITDA of $17 million for Q2 2025•Real Estate Results•Real Estate Q2 2026 Adjusted EBITDA increased $9 million compared to Q2 2025•Food Packaging Results•Food Packaging Q2 2026 Adjusted EBITDA attributable to IEP decreased by $2 million compared to Q2 2025 driven by lower volume caused by the North American restructuring plan•Home Fashion Results•Home Fashion Q2 2026 Adjusted EBITDA decreased by $1 million compared to Q2 2025 due to decreased hospitality demand and Strait of Hormuz supply chain issues caused by the conflict in Iran•Pharma Results•Pharma Q2 2026 Adjusted EBITDA decreased by $14 million when compared to Q2 2025 driven by decreased price of its anti-obesity drug due to generic competitionSummary All Other Segments Financial Results(1) All Other operating segments include Food Packaging, Real Estate, Home Fashion, and Pharma. Results for each of these separate segments can be found in our Form 10-Q filed with the SEC(2) Refer to the Non-GAAP Reconciliations in the Appendix8($Millions)Selected Income Statement Data:Net sales and other revenue from operations$165 $191 $328 $366Adjusted EBITDA(2)9 18 21 31 Net income (loss) (16) 42 (29) 20 Adjusted EBITDA attributable to IEP (2)9 17 21 29 Net income (loss) attributable to IEP (16) 42 (28) 21 Capital Expenditures16 33 36 46 All Other Operating Segments (1)Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025
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Financial Performance9
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Our operating subsidiaries and the Holding Company maintain liquidity to take advantage of attractive opportunities for their respective businessesLiquidity 10 Holding Company Cash & Cash Equivalents$381 Holding Company Investment in Investment Funds 1,964 $2,345 Subsidiary Cash & Cash Equivalents 840 Subsidiary Revolver Availability 602 1,442 $3,787Total LiquidityTotal Holding Company Liquid AssetsSubsidiary Liquidity:Total Subsidiary Liquidity As of($Millions)6/30/2026Liquid Assets:
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Indicative Net Asset Value Note: Refer to Use of Indicative Net Asset Value Data page for footnotes and additional information.11 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026Holding Company interest in Investment Funds(1)2,464$ 2,449$ 2,711$ 2,221$ 1,978$ CVR Energy(2)1,891 2,569 1,791 2,396 1,961 CVR Partners LP(2)24 25 28 34 30 Total market-valued Subsidiaries and Investments:4,379$ 5,043$ 4,530$ 4,651$ 3,969$ Viskase(3)71 62 53 98 96 Real Estate Segment(4)715 692 1,367 1,394 1,417 WestPoint Home(1)166 159 155 151 148 Vivus(1)197 183 169 161 153 Icahn Automotive Group (5)1,194 1,279 619 704 765 Operating Business Indicative Gross Asset Value6,722$ 7,418$ 6,893$ 7,159$ 6,548$ Add: Other Net Assets(6)109 67 98 9 99 Indicative Gross Asset Value6,831$ 7,485$ 6,991$ 7,168$ 6,647$ Add: Holding Company cash and cash equivalents(7)1,086 998 839 624 381 Less: Holding Company debt(7)(4,664) (4,663) (4,664) (4,425) (4,426) Indicative Net Asset Value 3,253$ 3,820$ 3,166$ 3,367$ 2,602$ Other Subsidiaries:As ofMarket-valued Subsidiaries and Investments:($Millions)
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Indicative Net Asset Value 12 Use of Indicative Net Asset Value DataThe Company uses indicative net asset value as an additional method for considering the value of the Company’s assets, and we believe that this information can be helpfulto investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regardingindicative net asset value is of limited use and should not be considered in isolation.The Company's depositary units are not redeemable, which means that investors have no right or ability to obtain from the Company the indicative net asset value of unitsthat they own. Units may be bought and sold on The Nasdaq Global Select Market at prevailing market prices. Those prices may be higher or lower than the indicative netasset value of the depositary units as calculated by management.Prior to September 30, 2025, we valued Viskase using the trailing twelve month Adjusted EBITDA. Management no longer believes that the trailing twelve month AdjustedEBITDA, which has declined significantly and has been increasingly volatile, represents uniform performance and growth for the business. Accordingly, starting September30, 2025, management performed a valuation of the business using discounted cash flow and guideline public company methodologies with the assistance of third-partyconsultants and will continue to use these forward-looking methodologies in future periods.
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Indicative Net Asset Value 13 Footnotes to Company’s calculation of Indicative Net Asset Value:1) Represents GAAP equity attributable to IEP as of each respective date.2) Based on closing share price on each date (or if such date was not a trading day, the immediately preceding trading day) and the number of shares owned by us as ofeach respective date.3) For the period ending June 30, 2025, amounts based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted EBITDA for the trailingtwelve months ended as of each respective date. As of September 30, 2025, management no longer believes that the trailing twelve month Adjusted EBITDA, which hasdeclined significantly and has been increasingly volatile, represents uniform performance and growth for the business or provides an accurate presentation of its value.For the periods ending September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, management performed a valuation of Viskase with the assistanceof third-party consultants to estimate fair-market value. This analysis utilized the average results of a discounted cashflow methodology and a guideline public companymethodology. Different judgments or assumptions would result in different estimates of value. Viskase indicative net asset value is derived by allocating our portion ofownership to the total equity value.4) For each period presented, management performed a valuation with the assistance of third-party consultants to estimate fair-market value, which utilized the averageresults of discounted cashflow and sales comparison methodologies. Different judgments or assumptions would result in different estimates of value. In August 2025,certain properties were sold and as of September 30, 2025, the value of the consideration received and held in our Real Estate Segment consisted of preferred equityinvestment and debt and was used in the calculation of indicative fair value.5) For each period presented, management performed a valuation of Icahn Automotive Group (“IAG”), including the Automotive Services business and Automotive OwnedReal Estate. This analysis utilized the average results of a discounted cashflow methodology and a guideline public company methodology. Different judgments orassumptions would result in different estimates of value. During the fourth quarter of 2025 the majority of the Automotive Owned Real Estate was transferred to theReal Estate Segment and as of December 31, 2025 are now presented in the Real Estate Segment line item. The Automotive Owned Real Estate for the actual propertiestransferred was valued at $652 and $652 for June 30, 2025 and September 30, 2025, respectively. As of June 30, 2025 and September 30, 2025, these properties werefair valued utilizing the average results of discounted cashflow and sales comparison methodologies for each property to estimate fair-market value. Differentjudgments or assumptions would result in different estimates of value. In July 2026, IAG entered into a stock purchase agreement to sell Pep Boys – Manny Moe & JackHolding Corp. for $700 million subject to customary closing conditions and the transaction is expected to close in the coming months. IAG will retain certain businesses,assets and liabilities in connection with this sale. As of June 30, 2026, the value of IAG includes an estimated increase of $97 million in connection with this saleagreement.6) Represents GAAP equity of the Holding Company Segment, excluding cash and cash equivalents, debt and non-cash deferred tax assets or liabilities. As of June 30, 2025,September 30, 2025, December 31, 2025, March 31, 2026, and June 30, 2026, Other Net Assets includes $9, $9, $6, $5, and $5 million respectively, of liabilities assumedfrom the Auto Plus bankruptcy.7) Holding Company’s balance as of each respective date.
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Non-GAAP Reconciliations14
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Non-GAAP Financial Measures 15 The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings fromcontinuing operations before net interest expense (excluding our Investment Segment), income tax (benefit) expense and depreciation and amortization. We define AdjustedEBITDA as EBITDA excluding certain effects of impairment, restructuring costs, transformation costs, certain pension plan expenses, gains/losses on disposition of assets,gains/losses on extinguishment of debt, the performance of closed stores and including closing costs, Energy segment unrealized gains/losses on hedging contracts, unrealizedgains/losses on Renewable Fuel Standard (“RFS”) positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges. The Energysegment’s basis for determining inventory value impacts are under a GAAP First-In, First-Out (“FIFO”) basis. Changes in crude oil prices can cause fluctuations in the inventoryvaluation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventoryvaluation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at theend of the accounting period. We present EBITDA and Adjusted EBITDA on a consolidated basis and on a basis attributable to Icahn Enterprises net of the effects of non-controlling interests. We conduct substantially all of our operations through subsidiaries. The operating results of our subsidiaries may not be sufficient to make distributions tous. In addition, our subsidiaries are not obligated to make funds available to us for payment of our indebtedness, payment of distributions on our depositary units or otherwise,and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements towhich these subsidiaries currently may be subject or into which they may enter into in the future. The terms of any borrowings of our subsidiaries or other entities in which weown equity may restrict dividends, distributions or loans to us.We believe that providing EBITDA and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information of our performanceto investors and permits investors and management to evaluate the core operating performance of our business without regard to interest, taxes and depreciation andamortization and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debtand certain other non-operational charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in theevaluation of companies that have issued debt. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing ouroperating results, as well as in planning, forecasting and analyzing future periods. Adjusting earnings for these charges allows investors to evaluate our performance from periodto period, as well as our peers, without the effects of certain items that may vary depending on accounting methods and the book value of assets. Additionally, EBITDA andAdjusted EBITDA present meaningful measures of performance exclusive of our capital structure and the method by which assets were acquired and financed. Effective March 31,2026, we modified our calculation of Adjusted EBITDA to exclude the impacts of certain of our Energy segment results, including unrealized gains/losses on hedging contracts,unrealized gains/losses on RFS positions, and inventory revaluation. We believe that this revised presentation improves the supplemental information provided to our investorsbecause management believes these are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deemuseful and the significance of these measures have been disproportionately impacted by increased volatility in recent periods.EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported undergenerally accepted accounting principles in the United States, or U.S. GAAP. For example, EBITDA and Adjusted EBITDA:•do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments;•do not reflect changes in, or cash requirements for, our working capital needs; and•do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt.
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Non-GAAP Financial Measures 16 Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced in the future, and EBITDA and AdjustedEBITDA do not reflect any cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDAdifferently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resultingfrom matters we consider not to be indicative of our ongoing operations.EBITDA and Adjusted EBITDA are not measurements of our financial performance under U.S. GAAP and should not be considered as alternatives to net income or any otherperformance measures derived in accordance with U.S. GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity. Given these limitations, we relyprimarily on our U.S. GAAP results and use EBITDA and Adjusted EBITDA only as a supplemental measure of our financial performance.
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Adjusted EBITDA Reconciliation by Segment –Three Months Ended June 30, 2026 17(1) All Other Segments includes Food Packaging, Real Estate, Home Fashion, and Pharma(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation excluding Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges which were not excluded when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” for additional explanation of the updates in our presentation. Net (loss) income($312)$34 ($10)($6)($1)($2)($7)($84)($388)Interest expense (income), net - 26 - 3 (5) - - 77 101 Income tax expense (benefit) - 6 (4) 1 - - - (1) 2 Depreciation and amortization - 95 12 5 8 2 2 - 124 ($312)$161 ($2)$3 $2 $0 ($5)($8)($161)Restructuring costs - - - - - - 1 - 1 Revaluation of RFS Liability⁽²⁾ - 73 - - - - - - 73 Unrealized gain on energy segment derivatives⁽²⁾ - (7) - - - - - - (7)Inventory valuation impacts, (favorable)⁽²⁾ - (18) - - - - - - (18)Gain on disposition of assets, net - - (1) - - - - - (1)Transformation costs - - 11 - - - - - 11 Out of period adjustments - - (4) - - - - - (4)Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - - Closed store adjustments - - 3 - - - - - 3 Other - - 3 (1) - - - - 2 ($312)$209 $1 $2 $11 $0 ($4)($8)($101)Net loss($238)($7)($10)($6)($1)($2)($7)($84)($355)Interest expense (income), net - 15 - 3 (5) - - 77 90 Income tax expense (benefit) - 5 (4) 2 - - - (1) 2 Depreciation and amortization - 55 12 4 8 2 2 - 83 ($238)$68 ($2)$3 $2 $0 ($5)($8)($180)Restructuring costs - - - - - - 1 - 1 Revaluation of RFS Liability⁽²⁾ - 52 - - - - - - 52 Unrealized gain on energy segment derivatives⁽²⁾ - (5) - - - - - - (5)Inventory valuation impacts, (favorable)⁽²⁾ - (13) - - - - - - (13)Gain on disposition of assets, net - - (1) - - - - - (1)Transformation costs - - 11 - - - - - 11 Out of period adjustments - - (4) - - - - - (4)Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - - Closed store adjustments - - 3 - - - - - 3 Other - - 3 (1) - - - - 2 ($238)$102 $1 $2 $11 $0 ($4)($8)($134)Adjusted EBITDA attributable to IEP EBITDA before non-controlling interestsAdj. EBITDA before non-controlling interestsAdjusted EBITDA attributable to IEP:EBITDA attributable to IEP Adjusted EBITDA(2)($Millions)Investment Energy AutomotiveFood Packaging (1)Holding Company ConsolidatedReal Estate (1)Home Fashion (1)Pharma (1)
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Adjusted EBITDA Reconciliation by Segment –Three Months Ended June 30, 2025 18 Net (loss) income($34)($102)($25)($3)$43 ($2)$4 ($82)($201)Interest expense (income), net - 30 - 3 - 1 (1) 69 102 Income tax (benefit) expense - (46) (8) (1) - - - 10 (45)Depreciation and amortization - 94 17 5 7 2 7 - 132 ($34)($24)($16)$4 $50 $1 $10 ($3)($12)Impairment - - - 2 - - - - 2 Restructuring costs - - - (1) - - - - (1)Revaluation of RFS Liability⁽²⁾ - 89 - - - - - - 89 Unrealized loss on energy segment derivatives⁽²⁾ - 2 - - - - - - 2 Inventory valuation impacts, unfavorable⁽²⁾ - 32 - - - - - - 32 Loss (gain) on disposition of assets, net - - 2 - (48) - - - (46)Transformation costs - - 12 - - - - 12 Gain on extinguishment of debt, net - - - - - - - (3) (3)Closed store adjustments - - 7 - - - - - 7 ($34)$99 $5 $5 $2 $1 $10 ($6)$82 Net (loss) income($16)($84)($25)($3)$43 ($2)$4 ($82)($165)Interest expense (income), net - 17 - 2 - 1 (1) 69 88 Income tax (benefit) expense - (31) (8) (1) - - - 10 (30)Depreciation and amortization - 53 17 4 7 2 7 - 90 ($16)($45)($16)$2 $50 $1 $10 ($3)($17)Impairment - - - 2 - - - - 2 Restructuring costs - - - (1) - - - - (1)Revaluation of RFS Liability⁽²⁾ - 62 - - - - - - 62 Unrealized loss on energy segment derivatives⁽²⁾ - 1 - - - - - - 1 Inventory valuation impacts, unfavorable⁽²⁾ - 22 - - - - - - 22 Loss (gain) on disposition of assets, net - - 2 - (48) - - - (46)Transformation costs - - 12 - - - - - 12 Gain on extinguishment of debt, net - - - - - - - (3) (3)Closed store adjustments - - 7 - - - - - 7 Other - - - 1 - - - - 1 ($16)$40 $5 $4 $2 $1 $10 ($6)$40 Holding Company ConsolidatedReal Estate (1)Home Fashion (1)Pharma (1)($Millions)Investment Energy AutomotiveFood Packaging (1) Adjusted EBITDA attributable to IEPAdjusted EBITDA attributable to IEP:EBITDA before non-controlling interestsAdj. EBITDA before non-controlling interestsEBITDA attributable to IEPAdjusted EBITDA: (1) All Other Segments includes Food Packaging, Real Estate, Home Fashion, and Pharma(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation excluding Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges which were not excluded when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” for additional explanation of the updates in our presentation.
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Adjusted EBITDA Reconciliation by Segment –Six Months Ended June 30, 2026 19(1) All Other Segments includes Food Packaging, Real Estate, Home Fashion, and Pharma(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation excluding Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges which were not excluded when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” for additional explanation of the updates in our presentation. Net (loss) income($591)($139)($30)($13)$4 ($6)($14)($162)($951)Interest expense (income), net - 52 1 6 (9) 1 - 156 207 Income tax (benefit) expense - (27) (11) 2 - - - (11) (47)Depreciation and amortization - 191 24 9 16 3 4 - 247 ($591)$77 ($16)$4 $11 ($2)($10)($17)($544)Restructuring costs - - - - - - 1 - 1 Revaluation of RFS Liability⁽²⁾ - 124 - - - - - - 124 Unrealized loss on energy segment derivatives⁽²⁾ - 151 - - - - - - 151 Inventory valuation impacts, (favorable)⁽²⁾ - (138) - - - - - - (138)Transformation costs - - 21 - - - - - 21 Loss on extinguishment of debt, net - 32 - - - - - - 32 Out of period adjustments - - (4) - - - - - (4)Intercompany Lease (Expenses) / Revenues - - (18) - 18 - - - - Closed store adjustments - - 8 - - - - - 8 Other - - 6 (1) - - - - 5 ($591)$246 ($3)$3 $29 ($2)($9)($17)($344)Net (loss) income($448)($146)($30)($12)$4 ($6)($14)($162)($814)Interest expense (income), net - 30 1 6 (9) 1 - 156 185 Income tax (benefit) expense - (17) (11) 2 - - - (11) (37)Depreciation and amortization - 111 24 8 16 3 4 - 166 ($448)($22)($16)$4 $11 ($2)($10)($17)($500)Restructuring costs - - - - - - 1 - 1 Revaluation of RFS Liability⁽²⁾ - 88 - - - - - - 88 Unrealized loss on energy segment derivatives⁽²⁾ - 106 - - - - - - 106 Inventory valuation impacts, (favorable)⁽²⁾ - (97) - - - - - - (97)Transformation costs - - 21 - - - - - 21 Loss on extinguishment of debt, net - 22 - - - - - - 22 Out of period adjustments - - (4) - - - - - (4)Intercompany Lease (Expenses) / Revenues - - (18) - 18 - - - - Closed store adjustments - - 8 - - - - - 8 Other - - 6 (1) - - - - 5 ($448)$97 ($3)$3 $29 ($2)($9)($17)($350)Adjusted EBITDA attributable to IEPAdjusted EBITDA attributable to IEP:EBITDA attributable to IEP Adjusted EBITDA(2)EBITDA before non-controlling interestsAdj. EBITDA before non-controlling interestsHolding Company ConsolidatedReal Estate (1)Home Fashion (1)Pharma (1)($Millions)Investment Energy AutomotiveFood Packaging (1)
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Adjusted EBITDA Reconciliation by Segment –Six Months Ended June 30, 2025 20(1) All Other Segments includes Food Packaging, Real Estate, Home Fashion, and Pharma(2) The presentation of Adjusted EBITDA in this presentation has been prepared using a calculation excluding Energy segment unrealized gains/losses on hedging contracts, unrealized gains/losses on RFS positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges which were not excluded when preparing Adjusted EBITDA for prior periods. See “Non-GAAP Financial Measures” for additional explanation of the updates in our presentation. Net (loss) income($384)($219)($52)($17)$39 ($4)$2 ($146)($781)Interest expense (income), net - 55 - 6 - 1 (1) 135 196 Income tax (benefit) expense - (99) (18) (3) - - - 1 (119)Depreciation and amortization - 178 34 10 11 3 14 - 250 ($384)($85)($36)($4)$50 $0 $15 ($10)($454)Impairment - - - 12 - - - - 12 Restructuring costs - - - 6 - - - - 6 Revaluation of RFS Liability⁽²⁾ - 200 - - - - - - 200 Unrealized gain on energy segment derivatives⁽²⁾ - (1) - - - - - - (1)Inventory valuation impacts, unfavorable⁽²⁾ - 8 - - - - - - 8 Loss (gain) on disposition of assets, net - - 4 - (48) - - - (44)Transformation costs - - 20 - - - - - 20 Gain on extinguishment of debt, net - - - - - - - (3) (3)Closed store adjustments - - 11 - - - - - 11 Other - - 3 (1) - 1 - - 3 ($384)$122 $2 $13 $2 $1 $15 ($13)($242)Net (loss) income($240)($170)($52)($16)$39 ($4)$2 ($146)($587)Interest expense (income), net - 31 - 5 - 1 (1) 135 171 Income tax (benefit) expense - (66) (18) (3) - - - 1 (86)Depreciation and amortization - 98 34 9 11 3 14 - 169 ($240)($107)($36)($5)$50 $0 $15 ($10)($333)Impairment - - - 11 - - - - 11 Restructuring costs - - - 5 - - - - 5 Revaluation of RFS Liability⁽²⁾ - 136 - - - - - - 136 Unrealized gain on energy segment derivatives⁽²⁾ - (1) - - - - - - (1)Inventory valuation impacts, unfavorable⁽²⁾ - 6 - - - - - - 6 Loss (gain) on disposition of assets, net - - 4 - (48) - - - (44)Transformation costs - - 20 - - - - - 20 Gain on extinguishment of debt, net - - - - - - - (3) (3)Closed store adjustments - - 11 - - - - - 11 Other - - 3 - - 1 - - 4 ($240)$34 $2 $11 $2 $1 $15 ($13)($188)Adjusted EBITDA attributable to IEPAdjusted EBITDA attributable to IEP:EBITDA attributable to IEP Adjusted EBITDA(2)EBITDA before non-controlling interestsAdj. EBITDA before non-controlling interestsHolding Company ConsolidatedReal Estate (1)Home Fashion (1)Pharma (1)($Millions)Investment Energy AutomotiveFood Packaging (1)