Icahn Enterprises L.P.

Q2 2023 Earnings Presentation

August 4, 2023

1

Safe Harbor Statement

Forward-Looking Statements and Non-GAAP Financial Measures

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors, including interest rate increases; the impacts from the Russia/Ukraine conflict, including economic volatility and the impacts of export controls and other economic sanctions. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.

2

Q2 2023 Highlights and Recent Developments

FINANCIAL

RESULTS

L.P.

UNITHOLDERS

  • Q2 2023 net loss attributable to IEP of $269 million and Adjusted EBITDA(1) attributable to IEP of $34 million, compared to net loss of $128 million and Adjusted EBITDA attributable to IEP of $126 million for the three months ended June 30, 2022
    • Q2 2023 net loss includes a one-time $116 million credit loss related to the Auto Plus note receivable
  • Indicative net asset value decreased to $5.0 billion as of June 30, 2023, compared to $5.6 billion as of December 31, 2022. The change in indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings
  • Investment Funds had a negative return of 5.4% for Q2 2023
  • CVR Energy announced a Q2 2023 cash dividend of 50 cents per share and a special dividend of $1.00 per share
  • On August 2, 2023, the Board declared a quarterly distribution in the amount of $1.00 per depositary unit
  1. Refer to the Non-GAAP Reconciliations in the Appendix

3

Financial Performance

Net Income (Loss) Attributable to Icahn Enterprises

Three Months Ended

June 30,

($Millions)

2023

2022

Operating Segments:

Energy

$86

$110

Automotive

4

(15)

Real Estate

3

1

All Other (2)

6

(5)

Operating Segments

99

91

Investment

(215)

(218)

Holding Company (3)

(153)

(1)

Consolidated

($269)

($128)

Adjusted EBITDA Attributable to Icahn Enterprises(1)

Three Months Ended

June 30,

($Millions)

2023

2022

Operating Segments:

Energy

$173

$273

Automotive

32

13

Real Estate

5

4

All Other (2)

27

18

Operating Segments

237

308

Investment

(195)

(194)

Holding Company

(8)

12

Consolidated

$34

$126

  1. Refer to the Non-GAAP Reconciliations in the Appendix
  2. All Other operating segments include Food Packaging, Home Fashion, and Pharma. Results for each of these separate segments can be found in our Form 10-Q filed with the SEC. Refer to the Non-GAAP Reconciliations in the Appendix for Adjusted EBITDA results for each of these separate segments
  3. Includes $20 million loss on deconsolidation of Auto Plus and $116 million credit loss on the Auto Plus note receivable

4

Segment: Investment

Segment Description

  • IEP invests its proprietary capital through various private investment funds (the "Funds") managed by the Investment segment
  • Fair value of IEP's investment in the Funds was approximately $3.8 billion as of June 30, 2023

Summary Segment Financial Results

Three Months Ended

Six Months Ended

Investment Segment

June 30,

June 30,

($Millions)

2023

2022

2023

2022

Selected Income Statement Data:

Total revenue

($384)

($430)

($711)

$501

Adjusted EBITDA(3)

(397)

(440)

(727)

487

Net income (loss)

(435)

(493)

(810)

402

Adjusted EBITDA attributable to IEP(3)

(195)

(194)

(345)

235

Net income (loss) attributable to IEP

(215)

(218)

(386)

196

Returns

-5.4%

-4.8%

-9.3%

4.3%

Highlights and Recent Developments

  • As of June 30, 2023, the Funds had a net short notional exposure of 18%
  • Returns of negative 5.4% for Q2 2023

Significant Holdings

As of June 30, 2023

Company

Mkt. Value ($mm)(1)

% Ownership(2)

$835

8.01%

$690

15.20%

$548

2.46%

$510

21.82%

$412

1.39%

(1)

Based on closing share price as of specified date

5

(2)

Total economic ownership as a percentage of common shares issued and outstanding

(3)

Refer to the Non-GAAP Reconciliation in the Appendix

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Disclaimer

Icahn Enterprises LP published this content on 04 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2023 12:47:59 UTC.