Executive Summary

Q4 2024 was mixed: total revenues were $2.6B and net loss narrowed to $98M ($-0.19 per LP unit), with Adjusted EBITDA at $12M; indicative NAV fell $223M q/q to $3.34B as CVR Energy declined, partially offset by a $292M uplift in Real Estate from signed sale agreements and a move to fair‑value estimates .
The Board maintained the quarterly distribution at $0.50 per depositary unit; liquidity remains robust with $1.4B cash at the holding company and $915M at the funds, positioning IEP to pursue opportunities and tender actions (e.g., CVI) .
Energy segment EBITDA declined year over year on weaker crack spreads and lower throughput; refining margin per throughput barrel fell to $8.37 vs $15.01 in Q4 2023, while renewable margins improved and nitrogen fertilizer pricing was mixed .
Real Estate valuation methodology changed with signed asset sales; management expects the real estate transaction to close by end of Q1 2025, contributing to quarter NAV dynamics and future cash realizations .
Consensus estimates from S&P Global for Q4 2024 were unavailable at time of analysis; no beat/miss versus Street can be assessed with confidence (S&P Global consensus data unavailable).

What Went Well and What Went Wrong

What Went Well

Real Estate segment value increased by $292M driven by signed sale agreements and a shift to fair‑value methodology for remaining assets; GAAP equity held steady while indicative value better reflects market conditions .
Renewable margin improved to $0.79 per vegetable oil throughput gallon (from a loss of $0.90), supported by lower cost of sales and a stronger BOHO spread .
Liquidity and “war chest” preserved: $1.4B holding company cash and $915M fund cash; Board maintained the $0.50 distribution, underscoring capital flexibility while pursuing activism and selective tenders .

What Went Wrong

Energy EBITDA declined to $99M vs $204M in Q4 2023; refining margin per barrel fell to $8.37 vs $15.01 on weaker crack spreads, unfavorable derivative/inventory valuations, and reduced throughput .
Indicative NAV decreased $223M q/q, primarily due to CVR Energy (-$286M), Viskase (-$57M), and cash distribution (-$71M), partly offset by Real Estate (+$292M) .
Automotive lagged again; a significant tenant exited certain locations (early termination payment $42M), and management continues remediation with normalization targeted by H2 2025; Aftermarket Parts exit substantially complete by end of Q1 2025 .

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Total Revenues ($USD Billions)	$2.696	$2.791	$2.558
Net Income (Loss) Attributable to IEP ($USD Millions)	$(139)	$22	$(98)
EPS per LP Unit ($)	$(0.33)	$0.05	$(0.19)
Adjusted EBITDA Attributable to IEP ($USD Millions)	$9	$183	$12

Margin	Q4 2023	Q3 2024	Q4 2024
Net Income Margin (%)	-5.2% (=$(139)/$2,696)	0.8% (=$22/$2,791)	-3.8% (=$(98)/$2,558)
Note: Margins are computed from cited revenues and net income (loss).

Segment and Operating KPIs (Q4 2024 vs YoY/QoQ):

Segment/KPI	Q4 2024	Comparator	Change / Comment
Energy EBITDA ($M)	$99	$204 (Q4 2023)	Down YoY on crack spreads and throughput
Refining Margin ($/bbl)	$8.37	$15.01 (Q4 2023)	Down on weaker crack spreads, derivatives/inventory
Renewable Margin ($/gal)	$0.79	$(0.90) (Q4 2023)	Improved on lower costs and BOHO spread
UAN Gate Price ($/ton)	$229	Prior year level implied; -5% YoY	Down 5% YoY
Ammonia Gate Price ($/ton)	$475	Prior year level implied; +3% YoY	Up 3% YoY
Real Estate Adjusted EBITDA	↓$5M YoY	Q4 2023	Lower single-family home sales
Food Packaging Adjusted EBITDA	↓$6M YoY	Q4 2023	Mix shift, lower pricing; efficiency upside post-capex
Home Fashion Adjusted EBITDA	↑$2M YoY	Q4 2023	Lower material costs, improved manufacturing
Pharma Adjusted EBITDA	↑$1M YoY	Q4 2023	Higher prescription growth; program advanced
Indicative NAV ($B)	$3.337	$3.560 (Q3’24)	Down $223M q/q
Distribution per LP Unit ($)	$0.50	$0.50 (Q3’24)	Maintained
Holding Co. Cash ($B)	$1.397	$1.566 (Q3’24)	Solid liquidity
Cash at Funds ($B)	$0.915	$0.800 (Q3’24)	Higher q/q
Investment Fund Net Long (%)	22% (35% ex refining hedges)	2% net short (24% ex hedges) (Q3’24)	Increased exposure

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Distribution per LP Unit	Quarterly	$1.00 (Q2/Q3 2024; reduced at Q3)	$0.50 (Q4 2024)	Maintained at reduced level
Automotive Segment Outlook	H2 2025	N/A	Management anticipates normalization by second half of 2025	New qualitative timeline
Real Estate Asset Sale	By end of Q1 2025	Exploring sales (Q3)	Signed agreement; closing expected by end of Q1 2025	Firmed timeline
CVR Energy Dividend (Portfolio holding)	Near-term	CVI cut dividend amid weak cracks (Q3 commentary)	Management cites improving crack spreads and potential SRE relief ($300M+ liabilities)	Potentially positive medium-term backdrop

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3)	Current Period (Q4 2024)	Trend
Energy/Crack Spreads & CVI	Q2: Wynnewood fire; lower cracks; CVI dividend $0.50; litigation good news on SRE . Q3: cracks softened; unplanned outages; CVI cut dividend .	Cracks improved off lows; tendered 878K CVI shares; hopeful SRE resolution could remove $300M+ liabilities .	Improving fundamental backdrop; potential regulatory relief
Automotive Turnaround	Q2: cost cutting, leases in pipeline; multi‑year margin target; industry headwinds . Q3: operational challenges, management changes; lagging results .	New permanent CEO; tenant exit payment $42M; marketing sites; normalization targeted H2 2025; aftermarket parts exit by end Q1 2025 .	Remediation progressing; normalization timeline set
Real Estate Strategy	Q3: exploring sale of Nashville land; lower adj. EBITDA YoY .	Signed property sale; moved to fair‑value valuations; +$292M in segment value; closing by end Q1 2025 .	Monetization accelerated
Investment Fund Exposure	Q2: net short 16%; ex refining hedges net long 13% . Q3: net short ~2%; ex hedges net long 24% .	Net long 22%; ex refining hedges 35% .	Increasing net long
AI Demand (AEP)	Q3: AI‑driven data center demand tailwind .	Reiterated AI demand tailwind at AEP; ROE improvement narrative .	Consistent emphasis
Food Packaging Modernization	Q2/Q3: capex plan being developed; waste reduction needed; lower margins from mix/price .	Efficiency opportunity remains; impact expected post capital plan execution .	Ongoing; execution pending
Regulatory/Legal (SRE)	Q2: positive litigation update D.C. Circuit .	Anticipated favorable resolution under new administration .	Potentially constructive

Management Commentary

“We ended the quarter with $1.4 billion of cash and cash equivalents at the holding company and an additional $915 million of cash at the funds… we have a significant war chest to take advantage of opportunities as they arise.” — Andrew Teno, CEO .
“Energy segment EBITDA was $99 million for Q4 ’24 compared to $204 million in Q4 ’23… refining margin per throughput barrel was $8.37 compared to $15.01 in the prior year quarter.” — Ted Papapostolou, CFO .
“Our Real Estate segment increased $292 million in the quarter… due to a sale of certain properties, which led us to fair value the remaining assets.” — Andrew Teno, CEO .
“We are intensely focused on our activism strategy… we have the ability to tender for entire businesses, a tool most simply do not possess.” — Andrew Teno, CEO .

Q&A Highlights

Hedge fund net exposure increased to 22% net long (35% ex refining hedges); management opportunistically adjusts refining hedges with crack spread moves .
Real Estate valuation jump was driven by ~$200M increase from properties under sale agreement and ~+$90M broad reappraisals; GAAP book no longer reflected fair value .
Automotive: significant tenant exited some sites; early termination payment of $42M; plan to re‑tenant locations within 24 months; aftermarket parts exit substantially complete by end Q1 ’25 .
Follow‑up on prior quarter hedge positioning deferred to post‑call; no additional specifics provided on exact timing of exposure changes .

Estimates Context

S&P Global consensus for Q4 2024 EPS, revenue, and EBITDA was unavailable at the time of request due to data access limits; therefore, a beat/miss assessment versus Street cannot be made with confidence (S&P Global consensus unavailable).
Investors should monitor updates to Street estimates following the Real Estate valuation change, Energy margin trajectory, and Automotive remediation plan.

Metric	Consensus (S&P Global)	Actual
Revenue ($USD Billions)	Unavailable	$2.558
EPS ($)	Unavailable	$(0.19)
Adjusted EBITDA ($USD Millions)	Unavailable	$12

Key Takeaways for Investors

Liquidity and capital optionality remain strong; maintaining the $0.50 distribution while preserving a “war chest” supports ongoing activism, tender offers (e.g., CVI), and segment turnarounds .
Real Estate monetization is a near‑term catalyst: signed sales and fair‑value remeasurement boosted segment value; closing expected by end of Q1 2025, with potential to translate into cash and NAV support .
Energy earnings should track cracks and throughput; any favorable SRE resolution (>$300M liabilities) would be a material tailwind to CVI’s risk profile and dividend capacity over time .
Automotive turnaround is execution‑driven: new CEO, site re‑tenancy, and aftermarket parts exit by Q1 2025; normalization targeted by H2 2025—watch monthly KPI progress and margin trajectory .
Food Packaging needs capex to modernize and reduce waste; margin/mix challenges continue until initiatives are funded and executed—limited near‑term EBITDA relief .
Fund exposure has shifted meaningfully net long (ex hedges); alpha depends on catalysts across top holdings (SWX, AEP, CZR, IFF, BHC/BLCO) and activism toolset, with AI demand cited as structural tailwind at AEP .
Short‑term: trade around Real Estate closing, Energy margin prints, and any CVI updates; medium‑term: thesis hinges on capital deployment into undervalued assets, segment remediations, and activism‑driven value creation .

Sources: SEC 8‑K and press release for Q4 2024 results and consolidated financials ; Q4 2024 earnings call transcript for segment details, liquidity, and management commentary ; Prior quarters Q3/Q2 2024 for trend analysis .

ICAHN ENTERPRISES L.P. (IEP)·Q4 2024 Earnings Summary