Icahn Enterprises (IEP) investor relations material

Executive summary

• Q2 2025 net loss attributable to unitholders was $165 million, improving from $331 million in Q2 2024.

• Indicative net asset value as of June 30, 2025, was $3.3 billion, up $252 million from March 31, 2025.

• Adjusted EBITDA loss for Q2 2025 was $43 million, a significant improvement from $155 million loss in Q2 2024.

• Revenues for Q2 2025 were $2.4 billion, up from $2.2 billion in Q2 2024.

• Quarterly distribution of $0.50 per depositary unit declared for Q2 2025.

Financial highlights

• Six-month 2025 revenues were $4.2 billion, down from $4.7 billion in the same period of 2024.

• Net loss attributable to unitholders was $587 million for the six months, compared to $369 million loss in the prior year.

• Adjusted EBITDA loss for the first half of 2025 was $330 million, versus a $21 million loss in the first half of 2024.

• Cash and cash equivalents at June 30, 2025, were $1.1 billion at the holding company.

• Debt stood at $6.7 billion as of June 30, 2025; holding company debt was $4.7 billion.

Outlook and guidance

• Management expects continued headwinds in Energy due to regulatory, geopolitical, and market volatility.

• Food Packaging restructuring and facility consolidation expected to complete in H2 2025, aiming for improved cost structure.

• Pharma segment anticipates international launches to offset US revenue declines from generic competition.

• No material changes to planned capital expenditures for 2025.

• Forward-looking statements highlight risks from economic downturns, competition, commodity volatility, and geopolitical conflicts.