Icahn Enterprises L.P.

Andrew Tenno, President and CEO, Ted Papapostolo, Chief Financial Officer, and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.

Thank you, Operator. 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 Icon Enterprises LP 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. Accordingly, there's 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, including adjusted EBITDA. 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. We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to ICON Enterprises unless otherwise specified. I'll now turn it over to Andrew Tino, our Chief Executive Officer.

Thank you, Rob, and good morning, everyone. NAV decreased $223 million from the third quarter of 2024. The two big events during the quarter were the decline in CVR energy and an agreement to sell certain properties in our real estate segment. CVI declined by $286 million in the quarter. As we discussed on the last call, crack spreads weakened in the fourth quarter, and when combined with a large turnaround, led CVI to cut its dividend. In response to what we believed was an attractive investment opportunity, we launched a tender offer and were successful in purchasing 878,000 shares. This is less than we had hoped for, but we will remain price sensitive and monitor conditions going forward. Recently, crack spreads have improved off their lows, which bodes well for CVI. In addition, we are excited that the change in administration may lead to the resolution of our outstanding litigation regarding small refinery exemptions, which has the potential to remove over $300 million or more of liabilities. As a reminder, during the last Trump administration, Winnie Wood received small refinery exemptions. Our real estate segment increased $292 million in the quarter. The increase was due to a combination of a sale of certain properties, which led us to fair value the remaining assets, a change from how we have valued these assets in prior periods. The gap equity attributable to IEP in real estate held steady. The investment funds were down approximately 1.6% for the quarter. The biggest decliner was our investment in Caesars, and the largest gainer were our refinery hedges. 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. So as Carl likes to say, we have a significant war chest to take advantage of opportunities as they arise. Lastly, the board has maintained the quarterly distribution at 50 cents per depository unit. Now turning to our investment segment. In terms of our top five disclosed names, we see considerable value creation potential. At SWIX, we see a gas utility that is closing its ROE gap to peers and separating a utility services business with significant growth opportunity. We see upside in both the gas utility and the services business. At AEP, we see new management closing its ROE gap, improving regulatory outcomes and benefiting from tremendous growth in electricity demand due to AI-driven data center demand. AEP recently announced the sale of a 20% stake in a portion of its transmission business, which helped to improve the balance sheet and was equivalent to issuing shares at a 70% premium to the then share price. At Caesars, Carl has significant respect for Tom Rigg and what he has accomplished. We believe we are buying a great business with tremendous real estate value, a great management team that is actively buying back shares, and with a growing digital business, all at a free cash flow yield greater than 15%. IFF is a high-quality ingredients company that should see improving organic revenue growth and increasing margins from new management. IFF trades at a significant discount to its peers on EV to EBITDA. At Bausch, we see considerable value both at BHC and BLCO. The funds ended the quarter approximately 22% net long. Adjusting for our refining hedges, the fund was 35% net long. And now I will pass it on to Ted to cover our controlled businesses.