Form 8-K

8-K — ICAHN ENTERPRISES L.P.

Accession: 0001104659-26-058108

Filed: 2026-05-11

Period: 2026-05-08

CIK: 0000813762

SIC: 2911 (PETROLEUM REFINING)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2614149d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2614149d1_ex99-1.htm)

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0000813762

2026-05-08

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UNITED

STATES SECURITIES AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

May 8, 2026

(Commission File Number)

(Exact Name of Registrant as Specified

in Its Charter)

(Address of Principal Executive Offices)

(Zip Code)

(Telephone Number)

(State or Other

Jurisdiction of

Incorporation or

Organization)

(IRS Employer

Identification

No.)

1-9516

ICAHN ENTERPRISES L.P.

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

Delaware

13-3398766

(Former Name or Former Address, if Changed

Since Last Report)

N/A

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Depositary Units of Icahn Enterprises L.P.

Representing Limited Partner Interests

IEP

NASDAQ Global Select Market

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule

12b-2 of the Securities Exchange Act of 1934. Emerging Growth Company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for

complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01 Regulation FD Disclosure.

Icahn Enterprises L.P. has

attached hereto as Exhibit 99.1 a copy of updated presentation materials that it intends to use in connection with meetings with

investors, groups of investors and media and in connection with presentations and speeches to various audiences.

The information contained

in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18

of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. In addition, the information

contained in this Item 7.01 and Exhibit 99.1 shall not be incorporated by reference into any of Icahn Enterprises L.P.’s filings

with the Securities and Exchange Commission or any other document except as shall be expressly set forth by specific reference in such

filing or document.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 – Presentation Materials.

104 – Cover

Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf

by the undersigned hereunto duly authorized.

ICAHN ENTERPRISES L.P.

(Registrant)

By:

Icahn Enterprises G.P. Inc., its general partner

By:

/s/ Robert Flint

Robert Flint

Chief Financial Officer

Date: May 8, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2614149d1_ex99-1.htm · Sequence: 2

Exhibit

99.1

Icahn Enterprises L.P.

Investor Presentation

May 2026

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-Looking Statements

This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933,

as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements included herein, other than statements that relate solely to historical fact, are

“forward-looking statements.” Such statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance,

achievements or events, or any statement that may relate to strategies, plans or objectives for, or potential results of, future operations, financial results, financial condition,

business prospects, growth strategy or liquidity, and are based upon management’s current plans and beliefs or current estimates of future results or trends. Forward-looking

statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,”

“projects,” “estimates,” “plans,” “could,” “designed,” “should be” and other similar expressions that denote expectations of future or conditional events rather than statements

of fact. Our expectations, beliefs and projections are expressed in good faith, and we believe that there is a reasonable basis for them. However, there can be no assurance that

these expectations, beliefs and projections will result or be achieved.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation,

including risks related to economic downturns, substantial competition and rising operating costs; risks related to our investment activities, including the nature of the

investments made by the private funds in which we invest, including the impact of the use of leverage through options, short sales, swaps, forwards and other derivative

instruments including counterparty termination and early settlement of these positions; risks related to our ability to comply with the covenants in our senior notes and the risk

of foreclosure on the assets securing our notes; declines in the fair value of our investments, losses in the private funds and loss of key employees; risks related to our ability to

continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended, or to be taxed as a

corporation; risks related to short sellers and associated litigation and regulatory inquiries; risks related to our general partner and controlling unitholder; pledges of our units by

our controlling unitholder; risks related to our energy business, including the volatility and availability of crude oil, other feed stocks and refined products, declines in global

demand for crude oil, refined products and liquid transportation fuels, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in

nitrogen fertilizer demand in the agricultural industry and seasonality of results; volatile commodity pricing and higher industry utilization and oversupply risks related to

potential strategic transactions involving our Energy segment, and the impact of tariffs; risks related to our automotive activities and exposure to adverse conditions in the

automotive industry; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw

materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping;

interest rate increases; labor shortages and workforce availability; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies;

risks related to our home fashion operations, including changes in the availability and price of raw materials, manufacturing disruptions, and changes in transportation costs and

delivery times; the impacts from the Russia/Ukraine conflict and conflict in the Middle East, the U.S. – Israel and Iran war, and any related economic volatility, disruptions to

global commodity markets, export controls and other economic sanctions; and political and regulatory uncertainty, including changing economic policy and the imposition of

tariffs. These and other risks and uncertainties are described in our filings with the Securities and Exchange Commission including our Annual Report on Form 10-K and our

quarterly reports on Form 10-Q under the caption “Risk Factors”. There may be other factors not presently known to us or which we currently consider to be immaterial that

may cause our actual results to differ materially from the forward-looking statements.

All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the

cautionary statements included in this presentation. Except to the extent required by law, we undertake no obligation to update or revise forward-looking statements to reflect

events or circumstances after the date such statements are made or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA and Indicative Net Asset Value.

The non-GAAP financial measures contained herein have limitations as analytical tools and should not be considered in isolation or in lieu of an analysis of our results as

reported under U.S. GAAP. These non-GAAP measures should be evaluated only on a supplementary basis in connection with our U.S. GAAP results, including those reported in

our consolidated financial statements and the related notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our subsequent

quarterly reports on Form 10-Q. A reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures can be found in the back

of this presentation.

Company Overview

Overview of Icahn Enterprises

(1) Based on May 7, 2026, closing price of $7.98

(2) Investment segment Assets represents total equity (equity attributable to IEP was approximately $2.2 billion).

(3) The presentation of Adjusted EBITDA in this presentation for the twelve months ended March 31, 2026 has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior

periods. See "Uses of Non-GAAP Financial Measures" for additional explanation of the updates in our presentation.

• Icahn Enterprises L.P. (IEP) is a diversified holding company with operating businesses in Investment, Energy, Automotive, Real Estate, Food Packaging,

Home Fashion and Pharma

• IEP is majority owned and controlled by Carl Icahn

• Over many years, Carl Icahn has contributed most of his businesses to and executed transactions primarily through IEP

• As of March 31, 2026 Carl Icahn and his affiliates owned approximately 86% of IEP’s outstanding depositary units

• As of May 7, 2026, IEP has a $2.00 annualized distribution, which is a 25.06% yield(1)

• IEP has liquidity through its investment in the Investment Funds of approximately $2.2 billion as of March 31, 2026

Investment(2) $2,889 $ - $19 $19

Energy 4,268 7,496 (49) 186

Automotive 1,298 1,416 (123) 8

Food Packaging 433 357 (53) 1

Real Estate 1,144 63 265 19

Home Fashion 215 168 (16) (8)

Pharma 222 97 (9) 12

Holding Company 1,041 - (370) (31)

$11,510 $9,597 ($336) $206

($Millions)

As of March 31, 2026 Twelve Months Ended March 31, 2026

Assets(2) Net Income (Loss)

Attributable to IEP

Adjusted EBITDA

Attributable to IEP(3)

Net Sales and Other

Revenue from Operations

Summary Corporate Organizational Chart

Note: Percentages denote equity ownership as of March 31, 2026. Excludes intermediary and pass-through entities.

99% LP

Energy Segment:

CVR Energy, Inc.

(NYSE: CVI)

Pharma Segment:

Vivus LLC

Real Estate Segment:

Real Estate Holdings

Home Fashion Segment:

WestPoint Home LLC

Icahn

Enterprises

G.P. Inc.

Icahn Enterprises

L.P.

(NasdaqGS: IEP)

Icahn

Enterprises

Holdings L.P.

1% GP

94%

71%

Investment Segment:

Investment Funds

Food Packaging Segment:

Viskase Companies, Inc.

(OTCPK: VKSC)

As of 3/31/2026, Icahn Enterprises had interests in the

Investment Funds of approximately $2.2 billion

Engaged in commercial net lease properties,

residential home property development and

associated club and resort activities

Provider of home textile products for more than 200

years

Specialty pharmaceutical company

One of the worldwide leaders in cellulosic, fibrous

and plastic casings for the processed meat industry

Independent refiner and marketer of petroleum

transportation fuels

100%

Automotive Segment:

Icahn Automotive Group

LLC

Primarily engaged in the automotive repair and

maintenance services business

100%

Producer and distributer of nitrogen

fertilizer products

CVR Partners, LP

(NYSE: UAN)

37%

Holding Company Segment

Diversified Subsidiary Companies with Significant Inherent Value

• IEP’s subsidiary companies possess key competitive strengths and/or leading market positions

• IEP seeks to create incremental value by investing in organic growth and targeting businesses that offer consolidation opportunities

The Company’s diversification across multiple industries and geographies

provides a natural hedge against cyclical and general economic swings

Over 200 year heritage with some of the best known brands in home fashion and hospitality

A worldwide leader in non-edible meat casings poised to capture further growth in emerging markets

Strategically located mid-continent petroleum fuels refiner and nitrogen fertilizer producer

Long-term real estate portfolio primarily consisting of investment properties, development, clubs and resorts Real Estate

Segment

Primarily engaged in the automotive repair and maintenance services business

Dedicated to addressing the therapeutic needs of patients with serious medical conditions and life-limiting

diseases

Evolution of Icahn Enterprises

• IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operating businesses and approximately $14 billion of

assets as of December 31, 2025.

• IEP’s record is based on a long-term horizon that can enhance business value for continued operations and/or facilitate a profitable exit strategy.

• IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhancing their operations and financial results.

• In 2017, IEP sold American Railcar Leasing for $3.3 billion, resulting in a pre-tax gain of $1.7 billion.

• In 2018, IEP sold Federal-Mogul for $5.1 billion, resulting in a pre-tax gain of $251 million, Tropicana for $1.5 billion, resulting in a pre-tax gain of $779 million, and

American Railcar Industries for $1.75 billion, resulting in a pre-tax gain of $400 million.

• In 2019, IEP sold Ferrous Resources for aggregate consideration of approximately $550 million (including repaid indebtedness), resulting in a pre-tax gain of $252 million.

• In 2021, IEP sold PSC Metals for total cash consideration of approximately $323 million resulting in a pre-tax gain of $163 million.

• In 2025, IEP sold properties in our Real Estate segment for a pre-tax gain of $223 million.

• Acquired partnership interest in Icahn Capital Management L.P. in 2007.

• IEP, Mr. Icahn and certain of Mr. Icahn’s family members and affiliates are the sole investors in the Investment Funds.

Timeline of Significant Acquisitions and Exits

(1) Based on the closing stock price of $44.70 and approximately 107.0 million depositary and general partner equivalent units outstanding as of December 31, 2012

(2) Based on the closing stock price of $7.55 and approximately 650.1 million depositary and general partner equivalent units outstanding as of March 31, 2026

As of December 31, 2012(1)

• Mkt. Cap: $4.8bn

• Total Assets: $24.6bn

As of March 31, 2026 (2)

• Mkt. Cap: $4.9bn

• Total Assets: $12.9bn

Year:

2012 2013 2015 2016 2017 2018 2019 2020 2021 2025

American Railcar Leasing

10/2/13: Acquired 75% of

ARL from companies

wholly owned by Carl

Icahn

Ferrous Resources

6/8/15: IEP acquired

a controlling interest

in Ferrous Resources

Pep Boys

2/4/16: IEP

acquired Pep

Boys

Federal-Mogul & Tropicana

10/1/18: Sold Federal-Mogul for $5.1 billion

and Tropicana for $1.5

billion

Ferrous Resources

8/1/19: Sold Ferrous Resources

for $550 million, IEP share of

cash proceeds was $463 million

PSC Metals

12/7/21: Sold PSC Metals,

LLC for $323 million

CVR Energy

5/4/12: Acquired a majority

interest in CVR via a tender

offer to purchase all

outstanding shares of CVR

CVR Refining & CVR Partners

2013: CVR Refining completed

IPO and secondary offering.

CVR Partners completed a

secondary offering

IEH Auto Parts Holding

6/1/15: Acquired

substantially all of the

auto part assets in the

U.S. of Uni-Select Inc.

American Railcar

Leasing

2017: Sale of

ARL for $3.3

billion

American Railcar Industries

12/5/18: Sold American

Railcar Industries for

$1.75 billion

Vivus, Inc

12/11/20: Acquired all of the

outstanding common stock of

Vivus upon its emergence from

bankruptcy

Real Estate

8/13/25: Sold properties

for a pre-tax gain of

$223 million

Ability to Maximize Shareholder Value Through Proven Activist Strategy

• IEP seeks undervalued companies and often becomes “actively” involved in the targeted companies

• Activist strategy requires significant capital,

rapid execution and willingness to take

control of companies

• Implement changes required to improve

businesses

Purchase of Stock or Debt

IEP pursues its activist strategy and

seeks to promulgate change

– Dealing with the board and

management

– Proxy fights

– Tender offers

– Taking control

IEP’s investment and legal team is

capable of unlocking a target’s hidden

value

– Financial/balance sheet restructuring

– Operation turnarounds

– Strategic initiatives

– Corporate governance changes

• Mr. Icahn and Icahn Capital have a long and successful track record of generating significant returns employing the activist strategy

• IEP’s subsidiaries often started out as investment positions in debt or equity either directly by Icahn Capital or Mr. Icahn

• Active participation in the strategy and capital allocation for targeted companies

• Not involved in day-to-day operations

• IEP will make necessary investments to ensure subsidiary companies can compete effectively

Putting Activism into Action

Overview of Operating Segments

Highlights and Recent Developments

• Long history of investing in public equity and debt securities and pursuing activist

agenda

• Employs an activist strategy that seeks to unlock hidden value through various tactics

• Financial/balance sheet restructurings

• Operational turnarounds

• Strategic initiatives

• Corporate governance changes

• As of March 31, 2026, the Funds had a net short notional exposure of 29%

• Excluding refining hedges, the Funds had a net short notional exposure of 2%

Segment Description

• Our Investment segment is comprised of various private

investment funds (“Investment 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 $2.2 billion as of March 31, 2026

Segment: Investment

Historical Segment Financial Summary

(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 Adjusted EBITDA reconciliations in the Appendix.

(3) Balance Sheet data as of end of each respective period.

Significant Holdings(1)

As of March 31, 2026

Company Mkt. Value ($mm) % Ownership

$618 1%

$419 14%

$310 2%

$279 5%

$164 1%

($Millions) 2023

Selected Income Statement Data:

Adjusted EBITDA(2) ($1,353) ($242) ($54) $17

Net income (loss) (1,353) (242) (54) 17

Adjusted EBITDA attributable to IEP(2)

(701) (132) 5 19

Net income (loss) attributable to IEP (701) (132) 5 19

Returns -16.9% -3.5% 0.4% 0.6%

Segment Balance Sheet Data(3)

Equity attributable to IEP $ 3,243 $ 2,703 $ 2,711 $ 2,221

Total Equity $ 5,360 $ 4,200 $ 3,623 $ 2,889

Investment Segment

FYE December 31, LTM March 31,

2024 2025 2026

Highlights and Recent Developments

Petroleum

• Two strategically located Mid-Continent refineries close to Cushing, Oklahoma

with total nameplate capacity of 206,500 bpd

• Direct access to crude oil and condensate fields in the Anadarko and Arkoma

Basins

• Complimentary logistics assets and access to multiple key pipelines provide a

variety of price advantaged crude oil supply options

• Historically high product yield vs peers: 97% liquid volume yield and 90% yield

of gasoline and distillate(4)

• Declared a first quarter 2026 cash dividend of $0.10 per share

Fertilizer

• Two strategically located facilities serving the Southern Plains and Corn Belt

• Primarily engaged in the production of the nitrogen fertilizers ammonia and

urea ammonium nitrate (UAN)

• Diverse feedstock exposure through petroleum coke and natural gas

• Declared a first quarter 2026 cash distribution of $4.00 per common unit

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

Segment: Energy

Historical Segment Financial Summary

(1) Refer to the Adjusted EBITDA reconciliation in the Appendix.

(2) The presentation of Adjusted EBITDA in this presentation for all periods presented above has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods. See "Uses of Non-GAAP Financial Measures” for additional explanation of the updates in our presentation.

(3) Balance Sheet data as of the end of each respective period.

(4) Based on total throughputs; for the twelve months ended March 31, 2026

($Millions) 2023

Selected Income Statement Data:

Net sales $9,247 $7,610 $7,162 $7,496

Adjusted EBITDA(1)(2) 1,164 317 393 406

Net income (loss) 831 (4) 42 (14)

Adjusted EBITDA attributable to IEP(1)(2) 688 136 185 186

Net income (loss) attributable to IEP 508 (18) 4 (49)

Segment Balance Sheet Data(3)

Total assets $ 5,259 $ 4,751 $ 4,129 $ 4,268

Equity attributable to IEP $ 795 $ 685 $ 722 $ 589

Energy Segment

FYE December 31, LTM March 31,

2024 2025 2026

Highlights and Recent Developments

• Automotive Services provides Do-It-For-Me automotive repair services for retail

and fleet customers with over 800 company operated stores and over 7,000

service bays located in the United States and Puerto Rico

• The leadership team has focused on key strategic initiatives including:

• Positioning the Automotive Services broad offerings to take advantage of

opportunities in the do-it-for-me market and vehicle fleets

• Evolving our current store footprint to keep pace with shifting market

dynamics, with strategic investment in opening new locations with

attractive growth potential and simultaneously closing our lowest and

underperforming locations

• Investment in, and strategic review of, capital projects to increase leasing

revenue, restructure lease liabilities, and reduce occupancy costs

• Optimization of store and distribution center network while improving

inventory and cost position

• Investment to improve the overall customer experience through process,

facilities and automation

• Investment in employees with focus on training and career development

• Business process improvements and sharing best practices through

investments in people, technology, and our overall supply chain

• Successfully completed the transfer of owned real estate properties to the Real

Estate segment during Q4 2025. The Automotive Services business entered into

fair market value operating leases for the portion of each property utilized by

the service business operations.

Segment 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

Segment: Automotive

Historical Segment Financial Summary

(1) As of January 31, 2023, IEH Auto Parts Holdings LLC (“Auto Plus”) was deconsolidated due to voluntary Chapter 11 bankruptcy proceedings.

(2) Refer to Adjusted EBITDA reconciliation in the Appendix.

(3) Balance Sheet data as of the end of each respective period.

($Millions) 2023

Selected Income Statement Data:

Net sales and other revenue from

operations

$1,741 $1,505 $1,436 $1,416

Adjusted EBITDA(2)

117 87 9 8

Net income (loss) (6) (16) (130) (123)

Segment Balance Sheet Data(3)

Total assets $ 2,019 $ 1,939 $ 1,248 $ 1,298

Equity attributable to IEP $ 1,096 $ 1,099 $ 455 $ 551

Automotive Segment (1) FYE December 31, LTM March 31,

2024 2025 2026

Highlights and Recent Developments

Real Estate

• Business strategy is based on long-term investment outlook and operational expertise that

maximizes the value of our investment properties

• Own and manage a net lease portfolio of land, office, retail, and industrial properties leased to

commercial tenants, including intercompany leases with the Automotive Services business

• Our exclusive country club focuses on golf, dining, entertainment and other related activities that

enhances the value of the surrounding home development

• Luxury single-family homes are being developed and sold surrounding our country club

Food Packaging

• Viskase operates plants in the United States, Mexico, Brazil, France, Italy, Germany, Poland, and

the Philippines

• Steady growth is projected globally for cellulose casings, with more emphasis on South America

and Asia Pacific markets

• Market demand is generally resilient as end products represent a cost-effective and attractive

source of protein

• Consolidation continues to be a factor in casing markets, as large meat processors progressively

increase scale and buying power

• Business remains focused on managing margins through reduction of complexity and

manufactured cost, while optimizing sales mix with key customers globally

Home Fashion

• Focusing on core profitable customers and product lines

• Continued strength with hospitality customers and growth into new international markets

including Asia, Africa, Australia, and the Middle East

• Advancing our sustainability efforts in line with our company and customer values

• Expanding competitive advantage in vertical manufacturing with investments in towel

manufacturing

Pharma

• Focused on continued market share and prescription growth in the U.S. for Pancreaze and

managing Qsymia introduction to generic competition in 2026

• Launched Qsiva into European and Middle East markets, with focus on growing prescription

counts and expanding the number of approved countries

• Continued development of our pipeline products along with reviewing additional licensing

opportunities for new commercial pharmaceuticals, with two products in advanced clinical

development

All Other Operating Segments Description

• Real Estate: Our Real Estate segment primarily consists of investment

properties which includes land, retail, office and industrial properties

leased to commercial 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. (“Viskase”). Viskase is 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 (“WPH”). WPH is engaged

in manufacturing, sourcing, marketing, distributing and selling hospitality

and 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 development

All Other Operating Segments

Historical Segment Financial Summary

(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 Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K filed with the SEC.

(2) Refer to Adjusted EBITDA reconciliation in the Appendix.

(3) Balance Sheet data as of the end of each respective period.

($Millions) 2023

Selected Income Statement Data:

Net sales and other revenue from

operations

$859 $785 $697 $685

Adjusted EBITDA(2)

121 92 25 24

Net income (loss) 20 (9) 172 181

Adjusted EBITDA attributable to IEP(2)

115 88 24 24

Net income (loss) attributable to IEP 19 (8) 178 187

Segment Balance Sheet Data(3)

Total assets $ 1,439 $ 1,421 $ 1,979 $ 2,014

Equity attributable to IEP $ 987 $ 977 $ 1,554 $ 1,610

2024 2025 2026

All Other Operating Segments (1) FYE December 31, LTM March 31,

Financial Performance

Net Income (Loss) Attributable to Icahn Enterprises Adjusted EBITDA Attributable to Icahn Enterprises (1),(2)

(1) Refer to the Adjusted EBITDA reconciliations in the Appendix.

(2) The presentation of Adjusted EBITDA in this presentation for all periods presented above has been prepared using a calculation with different exclusions than what has been used when preparing Adjusted EBITDA for prior periods. See "Uses of Non-GAAP Financial Measures" for additional explanation of the updates in our presentation.

($Millions)

Segments:

Energy $508 ($18) $ 4 ($49)

Automotive (6) (16) (130) (123)

Food Packaging 1 2 (5) (60) (53)

Real Estate 1 6 (4) 256 265

Home Fashion (6) (8) (14) (16)

Pharma (3) 9 (4) (9)

Subtotal 521 (42) 5 2 1 5

Investment (701) (132) 5 1 9

Holding Company (504) (271) (356) (370)

Consolidated ($684) ($445) ($299) ($336)

FYE December 31, LTM

March 31,

2023 2024 2025 2026 ($Millions)

Segments:

Energy $688 $136 $185 $186

Automotive 117 8 7 9 8

Food Packaging 5 9 3 8 7 1

Real Estate 2 8 1 0 1 1 9

Home Fashion 3 4 (6) (8)

Pharma 2 5 3 6 2 2 1 2

Subtotal 920 311 218 218

Investment (701) (132) 5 1 9

Holding Company (35) (30) (29) (31)

Consolidated $184 $149 $194 $206

2026

LTM

March 31,

FYE December 31,

2023 2024 2025

Consolidated Financial Snapshot

(1) Refer to the Adjusted EBITDA reconciliations in the Appendix.

Net Income (Loss):

Investment ($1,353) ($242) ($54) ($350) ($279) $17

Energy 831 (4) 42 (117) (173) (14)

Automotive (6) (16) (130) (27) (20) (123)

Food Packaging 13 (6) (66) (14) (7) (59)

Real Estate 16 (4) 256 (4) 5 265

Home Fashion (6) (8) (14) (2) (4) (16)

Pharma (3) 9 (4) (2) (7) (9)

Holding Company (504) (271) (356) (64) (78) (370)

Net income (loss) ($1,012) ($542) ($326) ($580) ($563) ($309)

Less: Net income (loss) attributable to non-controlling interests (328) (97) (27) (158) (104) 27

Net income (loss) attributable to Icahn Enterprises ($684) ($445) ($299) ($422) ($459) ($336)

Adjusted EBITDA(1),(2)

Investment ($1,353) ($242) ($54) ($350) ($279) $17

Energy 1,164 317 393 24 37 406

Automotive 117 87 9 (3) (4) 8

Food Packaging 65 42 8 8 1 1

Real Estate 28 10 1 - 18 19

Home Fashion 3 4 (6) - (2) (8)

Pharma 25 36 22 5 (5) 12

Holding Company (35) (30) (29) (7) (9) (31)

Consolidated Adjusted EBITDA $14 $224 $344 ($323) ($243) $424

Less: Adjusted EBITDA attributable to non-controlling interests (80) 75 150 (95) (27) 218

Adjusted EBITDA attributable to Icahn Enterprises $94 $149 $194 ($228) ($216) $206

Capital Expenditures $303 $280 $341 $88 $114 $367

($Millions) 2023 2024 2025

FYE December 31, LTM March 31,

2025 2026 2026

Three months ended March 31,

Balance Sheet

(1) All Other operating segments includes Food Packaging, Real Estate, Home Fashion, and Pharma.

($Millions)

ASSETS

Cash and cash equivalents $16 $512 $51 $29 $35 $5 $27 $624 $1,299

Cash held at consolidated affiliated partnerships

and restricted cash

1,818 - 8 - - 2 - 167 1,995

Investments 1,530 13 - - 95 - - - 1,638

Accounts receivable, net - 329 24 63 11 27 27 - 481

Inventories, net - 553 163 99 - 90 22 - 927

Related party notes receivable, net - - - - 132 - - - 132

Property, plant and equipment, net - 2,309 363 143 761 55 - 3 3,634

Goodwill and intangible assets, net - 134 314 21 - 21 140 - 630

Other assets 948 418 375 78 110 15 6 247 2,197

Total assets $4,312 $4,268 $1,298 $433 $1,144 $215 $222 $1,041 $12,933

LIABILITIES AND EQUITY

Accounts payable, accrued expenses and other

liabilities

$675 $1,374 $721 $107 $29 $39 $61 $440 $3,446

Securities sold, not yet purchased, at fair value 748 - - - - - - - 748

Debt - 1,784 26 131 1 25 - 4,425 6,392

Total liabilities $1,423 $3,158 $747 $238 $30 $64 $61 $4,865 $10,586

Equity attributable to Icahn Enterprises $2,221 $589 $551 $184 $1,114 $151 $161 ($3,824) $1,147

Equity attributable to non-controlling interests 668 521 - 11 - - - - 1,200

Total equity $2,889 $1,110 $551 $195 $1,114 $151 $161 ($3,824) $2,347

Total liabilities and equity $4,312 $4,268 $1,298 $433 $1,144 $215 $222 $1,041 $12,933

As of March 31, 2026

Investment Energy Automotive

Food

Packaging (1) Consolidated

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Holding

Company

Indicative Net Asset Value

Note: Refer to the next page for footnotes and additional information.

3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026

Holding Company interest in Investment Funds(1) $ 2,479 $ 2,464 $ 2,449 $ 2,711 $ 2,221

CVR Energy(2)

1,330 1,891 2,569 1,791 2,396

CVR Partners LP(2)

1 6 2 4 2 5 2 8 3 4

Total market-valued Subsidiaries and Investments: $ 3,825 $ 4,379 $ 5,043 $ 4,530 $ 4,651

Viskase(3)

159 7 1 6 2 5 3 9 8

Real Estate Segment(4)

728 715 692 1,367 1,394

WestPoint Home(1)

166 166 159 155 151

Vivus(1)

215 197 183 169 161

Icahn Automotive Group (5)

1,292 1,194 1,279 619 704

Operating Business Indicative Gross Asset Value $ 6,385 $ 6,722 $ 7,418 $ 6,893 $ 7,159

Add: Other Net Assets(6)

(3) 109 6 7 9 8 9

Indicative Gross Asset Value $ 6,382 $ 6,831 $ 7,485 $ 6,991 $ 7,168

Add: Holding Company cash and cash equivalents(7)

1,318 1,086 998 839 624

Less: Holding Company debt(7)

(4,699) (4,664) (4,663) (4,664) (4,425)

Indicative Net Asset Value $ 3,001 $ 3,253 $ 3,820 $ 3,166 $ 3,367

Other Subsidiaries:

As of

Market-valued Subsidiaries and Investments:

($Millions)

Indicative Net Asset Value

Use of Indicative Net Asset Value Data

The 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 helpful

to investors. Please note, however, that the indicative net asset value does not represent the market price at which the depositary units trade. Accordingly, data regarding

indicative 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 units

that 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 net

asset 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 Adjusted

EBITDA, which has declined significantly and has been increasingly volatile, represents uniform performance and growth for the business. Accordingly, starting September

30, 2025, management performed a valuation of the business using discounted cash flow and guideline public company methodologies with the assistance of third-party

consultants and will continue to use these forward-looking methodologies in future periods.

Indicative Net Asset Value

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 of

each respective date.

3) For the periods ending March 31, 2025 and June 30, 2025, amounts based on market comparables due to lack of material trading volume, valued at 9.0x Adjusted

EBITDA for the trailing twelve months ended as of each respective date. As of September 30, 2025, management no longer believes that the trailing twelve month

Adjusted EBITDA, which has declined 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, and March 31, 2026, management performed a valuation of Viskase

with the assistance of third-party consultants to estimate fair-market value. This analysis utilized the average results of a discounted cashflow methodology and a

guideline public company methodology. Different judgments or assumptions would result in different estimates of value. Viskase indicative net asset value is derived by

allocating our portion of ownership 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 average

results 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 equity

investment 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 Owned

Real Estate. This analysis utilized the average results of a discounted cashflow methodology and a guideline public company methodology. Different judgments or

assumptions would result in different estimates of value. During the fourth quarter of 2025 the majority of the Automotive Owned Real Estate was transferred to the

Real 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 properties

transferred was valued at $679, $652, and $652 for March 31, 2025, June 30, 2025, September 30, 2025, respectively. For these properties, it was assumed that IAG

would enter into triple net leases for each property for the entire space, including space occupied by third-party tenants and any vacant space that is available to rent,

at rents estimated by management based on market conditions and utilized property-level market rents, location level profitability, and prevailing cap ranging from

7.0% to 9.25% as of March 31, 2025. As of June 30, 2025 and September 30, 2025, these properties were fair valued utilizing the average results of discounted cashflow

and sales comparison methodologies for each property to estimate fair-market value. Different judgments or assumptions would result in different estimates of value.

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 March 31,

2025, June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026, Other Net Assets includes $10, $9, $9, $6, and $5 million respectively, of liabilities

assumed from the Auto Plus bankruptcy.

7) Holding Company’s balance as of each respective date.

Adjusted EBITDA Reconciliations

Non-GAAP Financial Measures

The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before

net interest expense (excluding our Investment Segment), income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA 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, unrealized gains/losses on Renewable Fuel Standard ("RFS") positions, Energy segment inventory revaluation, and certain other non-operational or non-recurring charges. The Energy segment'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 inventory valuation 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

inventory valuation 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 the end 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 to us. 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 to which 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 we own 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 performance to investors and permits

investors and management to evaluate the core operating performance of our business without regard to interest (except with respect to our Investment segment), taxes and depreciation and amortization

and certain effects of impairment, restructuring costs, certain pension plan expenses, gains/losses on disposition of assets, gains/losses on extinguishment of debt and certain other non-operational

charges. Additionally, we believe this information is frequently used by securities analysts, investors and other interested parties in the evaluation of companies that have issued debt. Management uses,

and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as in planning, forecasting and analyzing future periods. Adjusting

earnings for these charges allows investors to evaluate our performance from period to 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 and Adjusted 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 investors because 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 deem useful 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 under generally 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.

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 Adjusted EBITDA do not reflect any

cash requirements for such replacements. Other companies in the industries in which we operate may calculate EBITDA and Adjusted EBITDA differently than we do, limiting their usefulness as comparative

measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from 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 other performance 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 rely primarily on our U.S. GAAP results and use EBITDA and

Adjusted EBITDA only as a supplemental measure of our financial performance.

Adjusted EBITDA Reconciliation by Segment – Twelve Months Ended March 31, 2026

(1) The presentation of Adjusted EBITDA for “All Other Operating Segments” included in this presentation consists of results from our Food Packaging, Real Estate, Home Fashion, and Pharma segments.

(2) The presentation of Adjusted EBITDA in this presentation for the period presented above 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 "Uses of Non-GAAP

Financial Measures" for additional explanation of the updates in our presentation.

Net income (loss) $17 ($14) ($123) ($59) $265 ($16) ($9) ($370) ($309)

Interest expense (income), net - 106 - 10 (11) 3 (1) 295 402

Income tax (benefit) expense - (7) (45) 16 (5) - - 47 6

Depreciation and amortization - 480 60 18 22 5 23 - 608

$17 $565 ($108) ($15) $271 ($8) $13 ($28) $707

Impairment - - 25 5 - - - - 30

Restructuring costs - - - 2 - 1 - - 3

Revaluation of RFS Liability(2)

- (323) - - - - - - (323)

Unrealized loss on energy segment derivatives(2)

- 157 - - - - - - 157

Inventory valuation impacts, (favorable)(2)

- (30) - - - - - - (30)

Loss (gain) on disposition of assets, net - - 15 - (270) - - - (255)

Transformation costs - - 47 - - - - - 47

Net loss (gain) on extinguishment of debt - 35 - - - - - (3) 32

Intercompany Lease (Expenses) / Revenues - - (18) - 18 - - - -

Closed store adjustments - - 25 - - - - - 25

Other - 2 22 9 - (1) (1) - 31

$17 $406 $8 $1 $19 ($8) $12 ($31) $424

Net income (loss) $19 ($49) ($123) ($53) $265 ($16) ($9) ($370) ($336)

Interest expense (income), net - 61 - 9 (11) 3 (1) 295 356

Income tax (benefit) expense - - (45) 14 (5) - - 47 11

Depreciation and amortization - 287 60 16 22 5 23 - 413

$19 $299 ($108) ($14) $271 ($8) $13 ($28) $444

Impairment - - 25 5 - - - - 30

Restructuring costs - - - 2 - 1 - - 3

Revaluation of RFS Liability - (226) - - - - - - (226)

Unrealized loss on energy segment derivatives - 110 - - - - - - 110

Inventory valuation impacts, (favorable) - (22) - - - - - - (22)

Loss (gain) on disposition of assets, net - - 15 - (270) - - - (255)

Transformation costs - - 47 - - - - - 47

Loss (gain) on extinguishment of debt, net - 24 - - - - - (3) 21

Intercompany Lease (Expenses) / Revenues - - (18) - 18 - - - -

Closed store adjustments - - 25 - - - - - 25

Other - 1 22 8 - (1) (1) - 29

$19 $186 $8 $1 $19 ($8) $12 ($31) $206

($Millions) Investment Energy Automotive

Food

Packaging (1)

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Holding

Company Consolidated

Adjusted EBITDA attributable to IEP

Adjusted EBITDA(2)

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA attributable to IEP:

EBITDA attributable to IEP

Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2026

Financial Measures" for additional explanation of the updates in our presentation.

Net (loss) income ($279) ($173) ($20) ($7) $5 ($4) ($7) ($78) ($563)

Interest expense (income), net - 26 1 3 (4) 1 - 79 106

Income tax (benefit) expense - (33) (7) 1 - - - (10) (49)

Depreciation and amortization - 96 12 4 8 1 2 - 123

($279) ($84) ($14) $1 $9 ($2) ($5) ($9) ($383)

Revaluation of RFS Liability(2)

- 51 - - - - - - 51

Unrealized loss on energy segment derivatives(2)

- 158 - - - - - - 158

Inventory valuation impacts, (favorable)(2)

- (120) - - - - - - (120)

Loss on disposition of assets, net - - 1 - - - - - 1

Transformation costs - - 10 - - - - - 10

Loss on extinguishment of debt, net - 32 - - - - - - 32

Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - -

Closed store adjustments - - 5 - - - - - 5

Other - - 3 - - - - - 3

($279) $37 ($4) $1 $18 ($2) ($5) ($9) ($243)

Net (loss) income ($210) ($139) ($20) ($6) $5 ($4) ($7) ($78) ($459)

Interest expense (income), net - 15 1 3 (4) 1 - 79 95

Income tax benefit - (22) (7) - - - - (10) (39)

Depreciation and amortization - 56 12 4 8 1 2 - 83

($210) ($90) ($14) $1 $9 ($2) ($5) ($9) ($320)

Revaluation of RFS Liability - 36 - - - - - - 36

Unrealized loss on energy segment derivatives - 111 - - - - - - 111

Inventory valuation impacts, (favorable) - (84) - - - - - - (84)

Loss on disposition of assets, net - - 1 - - - - - 1

Transformation costs - - 10 - - - - - 10

Loss on extinguishment of debt, net - 22 - - - - - - 22

Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - -

Closed store adjustments - - 5 - - - - - 5

Other - - 3 - - - - - 3

($210) ($5) ($4) $1 $18 ($2) ($5) ($9) ($216)

($Millions) Investment Energy Automotive

Food

Packaging (1)

Holding

Company Consolidated

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Adjusted EBITDA(2)

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP:

EBITDA attributable to IEP

Adjusted EBITDA Reconciliation by Segment – Three Months Ended March 31, 2025

Financial Measures" for additional explanation of the updates in our presentation.

Net loss ($350) ($117) ($27) ($14) ($4) ($2) ($2) ($64) ($580)

Interest expense, net - 25 - 3 - - - 66 94

Income tax benefit - (53) (10) (2) - - - (9) (74)

Depreciation and amortization - 84 17 5 4 1 7 - 118

($350) ($61) ($20) ($8) $0 ($1) $5 ($7) ($442)

Impairment - - - 10 - - - - 10

Restructuring costs - - - 7 - - - - 7

Revaluation of RFS Liability(2)

- 112 - - - - - - 112

Unrealized gain on energy segment derivatives(2)

- (3) - - - - - - (3)

Inventory valuation impacts, (favorable)(2)

- (24) - - - - - - (24)

Loss on disposition of assets, net - - 2 - - - - - 2

Transformation costs - - 8 - - - - - 8

Closed store adjustments - - 4 - - - - - 4

Other - - 3 (1) - 1 - - 3

($350) $24 ($3) $8 $0 $0 $5 ($7) ($323)

Net loss ($224) ($86) ($27) ($13) ($4) ($2) ($2) ($64) ($422)

Interest expense, net - 14 - 3 - - - 66 83

Income tax benefit - (35) (10) (2) - - - (9) (56)

Depreciation and amortization - 45 17 5 4 1 7 - 79

($224) ($62) ($20) ($7) $0 ($1) $5 ($7) ($316)

Impairment - - - 9 - - - - 9

Restructuring costs - - - 6 - - - - 6

Revaluation of RFS Liability - 74 - - - - - - 74

Unrealized gain on energy segment derivatives - (2) - - - - - - (2)

Inventory valuation impacts, (favorable) - (16) - - - - - - (16)

Loss on disposition of assets, net - - 2 - - - - - 2

Transformation costs - - 8 - - - - - 8

Closed store adjustments - - 4 - - - - - 4

Other - - 3 (1) - 1 - - 3

($224) ($6) ($3) $7 $0 $0 $5 ($7) ($228)

($Millions) Investment Energy Automotive

Food

Packaging (1)

Holding

Company Consolidated

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Adjusted EBITDA(2)

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP:

EBITDA attributable to IEP

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2025

Financial Measures" for additional explanation of the updates in our presentation.

Net (loss) income ($54) $42 ($130) ($66) $256 ($14) ($4) ($356) ($326)

Interest expense (income), net - 105 (1) 10 (7) 2 (1) 282 390

Income tax (benefit) expense - (27) (48) 13 (5) - - 48 (19)

Depreciation and amortization - 468 65 19 18 5 28 - 603

($54) $588 ($114) ($24) $262 ($7) $23 ($26) $648

Impairment - - 25 15 - - - - 40

Restructuring costs - - - 9 - 1 - - 10

Revaluation of RFS Liability(2)

- (262) - - - - - - (262)

Unrealized gain on energy segment derivatives(2)

- (4) - - - - - - (4)

Inventory valuation impacts, unfavorable(2)

- 66 - - - - - - 66

Loss (gain) on disposition of assets, net - - 16 - (270) - - - (254)

Transformation costs - - 45 - - - - - 45

Net loss (gain) on extinguishment of debt - 3 - - - - - (3) -

Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - -

Closed store adjustments - - 24 - - - - - 24

Other - 2 22 8 - - (1) - 31

($54) $393 $9 $8 $1 ($6) $22 ($29) $344

Net income (loss) $5 $4 ($130) ($60) $256 ($14) ($4) ($356) ($299)

Interest expense (income), net - 60 (1) 9 (7) 2 (1) 282 344

Income tax (benefit) expense - (13) (48) 12 (5) - - 48 (6)

Depreciation and amortization - 276 65 17 18 5 28 - 409

$5 $327 ($114) ($22) $262 ($7) $23 ($26) $448

Impairment - - 25 14 - - - - 39

Restructuring costs - - - 8 - 1 - - 9

Revaluation of RFS Liability - (188) - - - - - - (188)

Unrealized gain on energy segment derivatives - (3) - - - - - - (3)

Inventory valuation impacts, unfavorable - 46 - - - - - - 46

Loss (gain) on disposition of assets, net - - 16 - (270) - - - (254)

Transformation costs - - 45 - - - - - 45

Net loss (gain) on extinguishment of debt - 2 - - - - - (3) (1)

Intercompany Lease (Expenses) / Revenues - - (9) - 9 - - - -

Closed store adjustments - - 24 - - - - - 24

Other - 1 22 7 - - (1) - 29

$5 $185 $9 $7 $1 ($6) $22 ($29) $194

($Millions) Investment Energy Automotive

Food

Packaging (1)

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Holding

Company Consolidated

Adjusted EBITDA(2)

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA attributable to IEP:

EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2024

Financial Measures" for additional explanation of the updates in our presentation.

Net (loss) income ($242) ($4) ($16) ($6) ($4) ($8) $9 ($271) ($542)

Interest expense (income), net - 77 (2) 11 (1) 1 (2) 219 303

Income tax (benefit) expense - (42) (15) - - 32 (25)

Depreciation and amortization - 363 74 24 15 6 28 1 511

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- 22 - - - - - - 22

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- 14 - - - - - - 14

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Net gain on extinguishment of debt - - - - - - - (8) (8)

Gain on sale of equity method Investment - (24) - - - - - - (24)

Gain on lease termination - - (38) - - - - - (38)

Same store adjustment including closing costs - - 10 - - - - - 10

Other - - 29 11 - 4 1 - 45

($242) $317 $87 $42 $10 $4 $36 ($30) $224

Net (loss) income ($132) ($18) ($16) ($5) ($4) ($8) $9 ($271) ($445)

Interest expense (income), net - 38 (2) 10 (1) 1 (2) 219 263

Income tax (benefit) expense - (24) (15) - - - - 32 (7)

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($132) $187 $41 $26 $10 ($1) $35 ($19) $147

Restructuring costs - - - 2 - 1 - - 3

Revaluation of RFS Liability - (59) - - - - - - (59)

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($132) $136 $87 $38 $10 $4 $36 ($30) $149

($Millions) Investment Energy Automotive

Food

Packaging (1)

Real

Estate (1)

Home

Fashion (1) Pharma (1)

Holding

Company Consolidated

Adjusted EBITDA(2)

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA attributable to IEP:

EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP

Adjusted EBITDA Reconciliation by Segment – Year Ended December 31, 2023

Financial Measures" for additional explanation of the updates in our presentation.

Net (loss) income ($1,353) $831 ($6) $13 $16 ($6) ($3) ($504) ($1,012)

Interest expense (income), net - 52 - 12 - 1 (1) 189 253

Income tax expense (benefit) - 189 (10) 4 - - - (93) 90

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($1,353) $1,435 $65 $54 $29 $2 $24 ($407) ($151)

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Inventory valuation impacts, unfavorable(2)

- 45 - - - - - - 45

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Same store adjustment including closing costs - - 4 - - - - - 4

Other - - 10 11 (1) - 1 - 21

($1,353) $1,164 $117 $65 $28 $3 $25 ($35) $14

Net (loss) income ($701) $508 ($6) $12 $16 ($6) ($3) ($504) ($684)

Interest expense (income), net - 24 - 11 - 1 (1) 189 224

Income tax expense (benefit) - 135 (10) 4 - - - (93) 36

Depreciation and amortization - 202 81 22 13 7 28 1 354

($701) $869 $65 $49 $29 $2 $24 ($407) ($70)

Impairment - - 7 - - - - - 7

Credit loss on related party note receivable - - - - - - - 139 139

Loss on deconsolidation of subsidiary - - - - - - - 246 246

Restructuring costs - - - - - 1 - - 1

Revaluation of RFS Liability - (191) - - - - - - (191)

Unrealized gain on energy segment derivatives - (22) - - - - - - (22)

Inventory valuation impacts, unfavorable - 32 - - - - - - 32

Gain on disposition of assets, net - - (10) - - - - - (10)

Transformation costs - - 41 - - - - - 41

Net gain on extinguishment of debt - - - - - - - (13) (13)

Same store adjustment including closing costs - - 4 - - - - - 4

Other - - 10 10 (1) - 1 - 20

($701) $688 $117 $59 $28 $3 $25 ($35) $184

EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP

Adjusted EBITDA attributable to IEP:

EBITDA before non-controlling interests

Adj. EBITDA before non-controlling interests

Adjusted EBITDA(2)

Consolidated

Home

Fashion (1) Pharma (1)

Real

Estate (1) ($Millions) Investment Energy Automotive

Food

Packaging (1)

Holding

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