Executive Summary

Q1 2025 was weak: total revenues fell to $1.867B and net loss attributable to IEP widened to $422M ($-0.79 per unit) on investment segment losses and energy turnaround/RINs headwinds . Versus Q4 2024 and Q3 2024, revenue and profitability deteriorated markedly .
S&P Global consensus for Q1 2025 expected $2.628B revenue and $0.19 EPS; actuals missed materially on both. Only one estimate was available for each metric, limiting robustness of consensus. Values retrieved from S&P Global.*
Indicative NAV declined $336M sequentially to $3.001B, primarily from $224M losses in the Investment segment (healthcare exposures); Board maintained the $0.50 per-unit distribution .
Call tone: management emphasized liquidity (“war chest”) and operational resets in Automotive; near-term energy headwinds (Coffeyville turnaround, RINs mark‑to‑market) but optimism on crack spreads and potential resolution of small refinery exemptions litigation ($438M RIN liability) .

What Went Well and What Went Wrong

What Went Well

Liquidity preserved: holding company cash and equivalents at $1.318B, with total market‑valued subsidiaries/investments at $3.825B; board maintained quarterly distribution of $0.50 per unit .
Energy fertilizer sub‑segment showed positive performance (prices/utilization), partially offsetting refining weakness .
Real estate pipeline progressing: permitting cleared for newest country club; single-family reservations expected by end of 2025; potential sales closing in Q2 and late 2025 .

Management quotes:

“We ended the quarter with $1.3 billion of cash and cash equivalents at the holding company, an additional $900 million of cash at the funds… a significant war chest” .
“We think AI growth is real, and electric utilities, particularly AEP, are an excellent way to benefit in the picks and shovels of AI” .

What Went Wrong

Investment segment losses (healthcare) drove a $336M NAV decline; Adjusted EBITDA attributable to IEP fell to -$287M from +$134M YoY .
Energy EBITDA swung to -$61M YoY (from $203M) on Coffeyville turnaround and unfavorable RINs mark‑to‑market; refining impacted despite improving crack spreads .
Automotive underperformed: sales down 9% YoY (ex‑parts -6%); Adjusted EBITDA -$6M amid labor/inventory/footprint repositioning and store closures (24 locations) .

Financial Results

Metric	Q3 2024	Q4 2024	Q1 2025
Total Revenues ($USD Billions)	$2.791	$2.558	$1.867
Net Income attributable to IEP ($USD Millions)	$22	$(98)	$(422)
Basic & Diluted EPS ($/Unit)	$0.05	$(0.19)	$(0.79)
Adjusted EBITDA attributable to IEP ($USD Millions)	$183	$12	$(287)
Net Income Margin %	0.79%*	-3.75%*	-22.16%*
EBITDA Margin %	11.79%*	5.46%*	-20.50%*

Values retrieved from S&P Global.*

Segment breakdown and KPIs:

Item	Period	Value
Energy segment consolidated EBITDA ($USD Millions)	Q1 2024	$203
Energy segment consolidated EBITDA ($USD Millions)	Q1 2025	$(61)
Automotive Adjusted EBITDA ($USD Millions)	Q1 2025	$(6)
Food Packaging Adjusted EBITDA YoY change ($USD Millions)	Q1 2025	$(6)
Home Fashion Adjusted EBITDA YoY change ($USD Millions)	Q1 2025	$(1)
Pharma Adjusted EBITDA YoY change ($USD Millions)	Q1 2025	$(3)
Indicative Net Asset Value ($USD Billions)	Dec 31, 2024	$3.337
Indicative Net Asset Value ($USD Billions)	Mar 31, 2025	$3.001
Holding Co. Cash & Equivalents ($USD Billions)	Dec 31, 2024	$1.397
Holding Co. Cash & Equivalents ($USD Billions)	Mar 31, 2025	$1.318
Holding Co. Debt ($USD Billions)	Dec 31, 2024	$4.699
Holding Co. Debt ($USD Billions)	Mar 31, 2025	$4.699
Distribution declared per LP unit ($)	Q4 2024	$0.50
Distribution declared per LP unit ($)	Q1 2025	$0.50
Weighted avg LP units outstanding (Millions)	Q3 2024	477
Weighted avg LP units outstanding (Millions)	Q4 2024	505
Weighted avg LP units outstanding (Millions)	Q1 2025	523

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Quarterly Distribution per LP Unit ($)	Q1 2025	$0.50 (Q4 maintained)	$0.50	Maintained
Real Estate asset sale timing	Q1 2025	Previously expected Q1 close	Now expected to close in Q2 2025	Deferred
Automotive footprint actions	N/A	Ongoing restructuring	Closed 24 underperforming locations; awarded ~15 military-base sites	Operational actions

IEP did not issue revenue/EPS margin guidance; management reiterated liquidity and portfolio actions .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Energy crack spreads & RINs	Crack spreads weakened; external outages pressured CVR; dividend cut at CVR; activist tender planned	Crack spreads improved off lows; optimism on admin change aiding small refinery exemptions	Coffeyville turnaround completed; unfavorable RINs mark‑to‑market; hopeful on litigation potentially removing $438M liability	Stabilizing spreads; regulatory relief potential
Automotive restructuring	Management changes; inventories/staffing issues; expected improvement over time	Permanent CEO appointed; normalization targeted by H2 2025	Continued underperformance; -9% YoY sales; -$6M Adj. EBITDA; closures; new capital‑light locations	Executing reset; near-term pain
Real Estate monetization	Exploring sale of Nashville site; proceeds expected far above book	Fair‑value methodology adopted; sale agreements signed	Q1 sale deferred to Q2; seeking additional sales later in 2025	Monetization progressing
Liquidity “war chest”	$1.6B holding co. cash; $800M fund cash	$1.4B holding co.; $915M funds	$1.3B holding co.; $900M funds; reiteration of “war chest”	Strong but modestly down
AI/technology (utilities exposure)	AEP highlighted; AI-driven load growth	AEP and portfolio updates	Reiterated AI-driven demand; utilities as “picks and shovels”	Consistent thesis

Management Commentary

“NAV decreased $336 million from the fourth quarter of 2024 driven primarily by negative performance in the funds and the accrual for the distribution, which was partially offset by increases in CBI and Auto Service” .
“Regarding RINs… resolution of our outstanding litigation regarding small refinery exemptions… has the potential to remove the $438 million liability… and potentially provide clarity to future years” .
“Our automotive segment continues to underperform… Sales were down 9% year-over-year… Adjusted EBITDA in the quarter was negative $6 million… while painful in the short term, these are the investments to improve long-term profitability” .

Q&A Highlights

Automotive closures and portfolio: management averaging ~8 closures/month; mix of owned/leased exits; example asset sale at $4M versus ~$2M book value; potential to lease boxes to competitors when distance suitable .
Investment/fund mark‑to‑market: as of the prior Friday, public portfolio (funds + CVI/UAN) “modestly positive” quarter‑to‑date .
Real estate fair‑value uplift: ~+$200M from signed sale agreements and ~+$90M from broader portfolio valuation work in Q4 2024 .
Liquidity/uses: continued focus on monetizations and opportunistic investments; distribution decisions evaluated quarterly .

Estimates Context

Q1 2025 S&P Global consensus: Revenue $2.628B*, EPS $0.19*, each based on 1 estimate*. Actual revenue $1.867B , EPS $(0.79) . Values retrieved from S&P Global.*
This implies a material miss vs consensus on both topline and EPS; sell‑side models likely need to reflect energy segment volatility, investment segment drawdowns (healthcare), and ongoing Automotive restructuring .

Key Takeaways for Investors

Near-term results are pressured by investment segment losses and energy RINs/turnaround; expect normalized CVI refining contribution only after turnaround/RIN volatility abates; litigation outcome on small refinery exemptions is a swing factor .
Automotive reset is multi‑quarter: store closures and investment in labor/inventory/facilities should support a gradual recovery; monitor car count/tire volumes/same‑store sales trends and Adj. EBITDA trajectory .
Real estate monetization remains a tangible lever; Q2 closing could provide cash and underpin NAV, with additional potential transactions later in 2025 .
Liquidity and permanent capital structure enable activism and opportunistic deployments despite lumpy returns; distribution maintained at $0.50 supports investor yield while retaining flexibility .
Estimates should be revised lower near term given the Q1 miss and limited consensus depth; watch energy margins, RINs developments, and healthcare positions in the investment segment for forward NAV/earnings sensitivity .
Portfolio AI/utility angle (AEP, SWX) remains a medium‑term thesis for stable growth exposure to data center demand .

Sources: Q1 2025 press release and 8‑K (financials, NAV, distribution) , Q1 2025 earnings call transcript (segment commentary, liquidity, strategy) , prior quarter press releases and calls for trend analysis . Values retrieved from S&P Global for consensus and margin metrics.*

ICAHN ENTERPRISES L.P. (IEP)·Q1 2025 Earnings Summary