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    Andrew Berg • Post Advisory Group

    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership

    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership • Q2 2025

    Question

    Andrew Berg from Post Advisory Group inquired about the primary reasons for the decrease in the holding company's cash balance during the quarter, asking if it was mainly due to CVR share purchases.

    Answer

    Ted Papapostolou, CFO & Director, clarified that the main drivers for the cash decrease were interest payments and LP distributions, which are concentrated in the second quarter. He noted the CVR share repurchase was a smaller factor, accounting for about $32 million.

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    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership • Q2 2025

    Question

    Andrew Berg of Post Advisory Group inquired about the primary reasons for the decrease in Icahn Enterprises' holding company cash balance from the previous quarter, specifically asking if it was mainly due to increased investment in CVR Energy shares.

    Answer

    Chief Financial Officer Ted Papapostolou explained that the main drivers for the cash decrease were interest payments and two quarterly LP distribution payments. He clarified that the CVR share repurchase was a smaller factor, contributing about $32 million to the change.

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    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership • Q4 2024

    Question

    Andrew Berg asked about the investment fund's significant shift from a net short to a net long position and the specific drivers for the large upward revaluation of the Real Estate segment's net asset value.

    Answer

    CEO Andrew Teno attributed the fund's positioning change to opportunistic trading of refining hedges based on crack spread movements. CFO Ted Papapostolou explained the real estate NAV increase was triggered by a pending property sale at a price well above book value, which prompted a full portfolio revaluation based on new appraisals.

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    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership • Q3 2024

    Question

    Andrew Berg from Post Advisory Group asked for specifics on the management changes in the Automotive segment, the scale of capital expenditures needed for the Food Packaging business, the flow of funds within the Investment segment, and whether Carl Icahn planned to take the reduced dividend in stock or cash.

    Answer

    CEO Andrew Teno confirmed that the CEO and CFO of the Automotive segment were replaced to get "back to basics." Executive Ted Papapostolou stated it was too early for a specific CapEx number for the Food Packaging business but that management was developing a plan and the amount would be immaterial to IEP. Teno explained that a distribution from the investment funds to the holding company was used for purposes like open-market bond repurchases. He concluded that Carl Icahn's decision on taking the dividend in cash or stock is a personal one he makes alongside other shareholders.

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    Andrew Berg's questions to Icahn Enterprises LP (IEP) leadership • Q3 2024

    Question

    Andrew Berg from Post Advisory Group sought clarification on the extent of management changes in the Automotive segment beyond the CEO. He also asked about the estimated capital expenditure needed to modernize the Food Packaging business, the flow of funds from the investment segment, and whether Carl Icahn planned to revert to taking his dividend in stock rather than cash.

    Answer

    CEO Andrew Teno confirmed that changes in the Automotive segment included the CEO and CFO, with a broader shift toward having more personnel focused on core operational work. Regarding Food Packaging, CFO Ted Papapostolou stated it was too early for a specific CapEx number but a plan is being developed, and the outlay would not be material for IEP. Teno explained that a distribution from the investment funds to the holding company was used for purposes including open-market bond repurchases. On the topic of Carl Icahn's dividend election, Teno stated that it is a personal decision for Mr. Icahn, similar to any other shareholder.

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