Executive Summary

Q3 2025 swung to profitability: revenues $2.73B, net income attributable to IEP $287M ($0.49 per unit), and Adjusted EBITDA $383M, all sharply higher year over year; energy drove the improvement and gains on asset dispositions were material .
Indicative NAV rose $567M quarter-over-quarter to $3.82B, led by CVR Energy (+$678M) and positive fund performance (+$267M), partially offset by hedging losses (-$281M) and holding company interest expense (-$72M) .
Distribution maintained at $0.50 per depositary unit with cash or unit election, sustaining the yield while preserving liquidity via stock settlement option .
Versus S&P Global consensus: IEP delivered a significant beat on EPS ($0.49 vs $0.14*) and a beat on revenue ($2.73B vs $2.40B*); coverage is thin (only 1 estimate), but magnitude of beats is meaningful. Values retrieved from S&P Global.
Catalysts: resolution of CVR’s small refinery exemptions removed a $488M liability at CVI, improved crack spreads, and real estate monetization gains ($223M pre-tax) supported results; management reiterated focus on activism and unlocking value across controlled businesses .

What Went Well and What Went Wrong

What Went Well

Energy segment strength: consolidated EBITDA reached $625M in Q3 2025 vs a loss of $35M in Q3 2024, benefiting from crack spreads and the small refinery exemption resolution at CVI .
Portfolio NAV expansion: indicative NAV increased $567M QoQ to $3.82B, driven by CVR Energy and positive fund returns; management highlighted EchoStar as a key winner and detailed upside in utilities exposed to AI-related demand (AEP) .
Real estate value realization: closed certain property sales producing a pre-tax gain of $223M; strategic transfer of most automotive owned properties to the real estate segment to unlock value .

Management quotes:

“NAV increased $567 million... CVI... increased NAV by $547 million... resolution of our small refinery exemptions... removed a $488 million liability” .
“AEP is an electric utility that is benefiting from the AI infrastructure build-out... AEP checks all those boxes” .
“We believe this move will help unlock the value of both our real estate and auto service operations” .

What Went Wrong

Headwinds in non-energy segments: Adjusted EBITDA decreased YoY in Food Packaging (-$8M), Home Fashion (-$4M), and Pharma (-$7M) on volume/mix inefficiencies and generic competition; restructuring impacts persist into 2026 .
Automotive profitability still in transition: while same-store sales grew $21M (6%) YoY and service revenues +$11M, profitability remains dependent on optimization of labor, pricing, and distribution, and ongoing footprint rationalization .
Hedge costs offset fund gains: funds’ positive performance (+$267M) was partially offset by hedging losses (-$281M), constraining the net NAV uplift .

Financial Results

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenues ($USD Billions)	$2.791	$1.867	$2.369	$2.725
Net Income Attributable to IEP ($USD Millions)	$22	-$422	-$165	$287
Basic & Diluted Income (Loss) per LP Unit ($)	$0.05	-$0.79	-$0.30	$0.49
Adjusted EBITDA Attributable to IEP ($USD Millions)	$183	-$287	-$43	$383
Net Income Margin (%)	0.8%	-22.6%	-7.0%	10.5%
Adjusted EBITDA Margin (%)	6.6%	-15.4%	-1.8%	14.1%

Notes: Margins are calculated from cited revenues and net income/Adjusted EBITDA figures.

Segment highlights (selected metrics):

Segment	Q3 2024	Q3 2025	Commentary
Energy consolidated EBITDA ($USD Millions)	-$35	$625	Driven by crack spreads and CVI SRE resolution
Real Estate Adjusted EBITDA YoY change ($USD Millions)	—	-$12	Lower due to sale of a country club; pre-tax gain $223M on property sales
Automotive Service Revenues YoY ($USD Millions)	—	+$11	Same-store revenue +$21M (+6%) YoY; footprint optimization
Food Packaging Adjusted EBITDA YoY change ($USD Millions)	—	-$8	Restructuring and manufacturing inefficiencies
Home Fashion Adjusted EBITDA YoY change ($USD Millions)	—	-$4	Softer demand in U.S. retail and hospitality
Pharma Adjusted EBITDA YoY change ($USD Millions)	—	-$7	Generic competition in anti-obesity; PAH program advancing

KPIs and balance sheet datapoints:

KPI	Q4 2024	Q2 2025	Q3 2025
Indicative NAV ($USD Billions)	$3.337	$3.253	$3.820
Holding Co. Cash & Equivalents ($USD Millions)	$1,397	$1,086	$998
Holding Co. Debt ($USD Millions)	$4,699	$4,664	$4,663
Weighted Avg LP Units (Millions)	—	545	575
Distribution Declared per LP Unit ($)	$1.00 (Q3 2024)	$0.50	$0.50

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Distribution per LP Unit	Q3 2025	$0.50 (Q2 2025)	$0.50	Maintained
Real Estate EBITDA trajectory	2H 2026	Not previously quantified	Expected increase in 2H 2026	New timing detail
Food Packaging restructuring completion	Q2 2026	Not previously quantified	Completion expected Q2 2026	New timing detail
Pharma (PAH – TRANSCEND trial)	Q1 2026	Development ongoing	First patient dosing planned Q1 2026	New timing detail

Note: No formal revenue, margin, OpEx, OI&E, or tax rate guidance was provided in Q3 materials .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
AI/technology-driven utility demand (AEP)	Q1: Emphasized AI as “picks and shovels” via utilities; AEP highlighted	Reaffirmed AEP thesis; right jurisdictions/assets/scale/management	Strengthening conviction
Regulatory/legal (refining SREs)	Q1: Hoped new administration resolves SRE litigation; $438M liability recorded	Resolution for 2019–2024 removed $488M CVI liability; expectation of future exemptions	Positive resolution; supportive outlook
Automotive footprint optimization	Q1: Closures (24) and new capital-light locations; profitability expected to improve over time	89 closures over 12 months; 14 openings; transfer of owned properties to real estate	Ongoing transformation
Real estate monetization	Q1: Anticipated property sales and additional portfolio sales later in 2025	Closed certain properties; $223M pre-tax gain	Executing monetization
R&D execution (Pharma)	Q1: Higher R&D; QSIVA launch; pipeline progressing	PAH TRANSCEND trial set for Q1 2026; ~90 sites, ~300 patients	Advancing to clinical milestone
Activism strategy	—	Reiterated brand, proxy contest willingness, and ability to tender whole businesses	Strategic focus reaffirmed

Management Commentary

“For CVI, the outperformance was driven by... increased crack spreads, and... the resolution of our small refinery exemptions from 2019 to 2024, which removed a $488 million liability” .
“AEP is an electric utility that is benefiting from the AI infrastructure build-out... you need... the right jurisdictions... assets... scale... hungry management team. AEP checks all those boxes” .
“Subsequent to quarter end, we transferred the vast majority of our owned properties out of the automotive segment into our real estate segment. We believe this move will help unlock the value of both our real estate and auto service operations” .
“We are intensely focused on our activism strategy... ability to tender for entire businesses... though our returns can be lumpy... we believe they will bear fruit for all unit holders” .

Q&A Highlights

The Q3 call did not feature a substantive Q&A session; prepared remarks emphasized energy recovery, NAV drivers, segment updates, and activism strategy .

Estimates Context

Q3 2025 vs Consensus: EPS $0.49 actual vs $0.14* consensus; Revenue $2.73B actual vs $2.403B* consensus; both beats. Values retrieved from S&P Global.
Q2 2025 context: EPS -$0.30 actual vs $0.14* consensus; Revenue $2.37B actual vs $2.391B* consensus; EPS miss, revenue near in-line. Values retrieved from S&P Global.
Coverage is minimal (1 estimate for EPS and revenue), which can amplify variance between reported results and consensus. Values retrieved from S&P Global.

Metric	Q3 2024	Q2 2025	Q3 2025
EPS Consensus Mean ($)	0.21*	0.14*	0.14*
EPS Actual ($)	0.05	-0.30	0.49
Revenue Consensus Mean ($USD Billions)	2.317*	2.391*	2.403*
Revenue Actual ($USD Billions)	2.782	2.369	2.725
EPS – # of Estimates	1*	1*	1*
Revenue – # of Estimates	1*	1*	1*

Values retrieved from S&P Global.

Key Takeaways for Investors

Energy-led inflection: CVI’s regulatory resolution and favorable crack spreads catalyzed a sharp swing to profit; energy EBITDA strength is the principal driver of consolidated recovery .
NAV momentum: $567M QoQ increase to $3.82B signals portfolio appreciation (CVI, funds) despite hedging costs; ongoing asset sales support value realization .
Distribution stability: $0.50 per unit maintained with cash/unit election preserves balance sheet flexibility while sustaining income for holders .
Structural repositioning: transfer of automotive real estate and footprint rationalization aim to separate property value from operations and improve service profitability over time .
Near-term trading: outsized EPS/revenue beats vs light consensus and identifiable catalysts (energy/regulatory, real estate gains) are supportive; watch for sustainability once one-off gains normalize and as non-energy segments work through restructuring .
Medium-term thesis: activism capability, utility exposure to AI load growth (AEP), and continued monetization across real estate and automotive assets provide multiple levers for NAV accretion .
Risk monitor: hedging costs, segment-specific headwinds (Food Packaging/Home Fashion/Pharma), and interest expense at holding company can temper NAV expansion; execution on restructuring timelines (Q2 2026) and clinical milestones (Q1 2026) will be key .

ICAHN ENTERPRISES L.P. (IEP)·Q3 2025 Earnings Summary