Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises LP Second Quarter 2025 Earnings Call with Andrew Tino, President and CEO, and Ted Papapasolo, 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 as 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 Exchange Commission, including economic, competitive, legal, and other factors. 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, 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 Icahn 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 increased $252 million from the first quarter, driven primarily by positive performance in CVI, offset by decreases in this case in auto service cvi share price increased by 38 percent which when combined with additional share purchases of 32 million led to an increase of 561 million dollars from the first quarter crack spreads have improved especially diesel cracks and we have no more planned turnarounds in 2025 and 2026. This enhanced cash flow profile has led to CVI recently paying down $90 million of its previously issued term loan. Regarding RINs, we remain hopeful that the new administration may lead to the resolution of our outstanding litigation regarding small refinery exemptions, which has the potential to remove the $548 million liability that was recorded as of the second quarter of 2025 and potentially provide clarity to future years. We also announced that CVI's CEO, Dave Lamp, would be retiring as of year end. His replacement, Mark Pytosh, is an internal promotion who has been the CEO of the fertilizer business and also led CVI's midstream efforts for the past few years. The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in our consumer cyclical sector, offset by our broad market and refining hedges. Excluding the refining hedges, fund performance would have been a positive return of 2%. Our auto service division remains a turnaround story. We are encouraged by the change in top line revenue. After seeing first quarter auto service revenue down 5% year over year, we saw revenue improve to 1% growth in both May and June, and it will accelerate further in July. In our pharma segment, we have approved the initiation of VIVAS's pivotal trial for the pulmonary arterial hypertension, or PAH asset, VI0106. In short, this drug is meant to serve patients with advanced PAH who struggle to breathe, provide oxygen to the blood, and maintain mobility and or quality of life given a restriction of blood flow in their arteries, leaving the heart to the lungs. Currently, there are multiple alternative treatments in the market. The latest treatment is marketed under the name Winrevere. With any current PAH treatment, the patient may still require a lung transplant and or heart transplant, which will not address the underlying cause of PAH. We believe our asset is unique, and the FDA will evaluate the potential of this drug to be disease-modifying. The trial will enroll 300 patients and includes unique analyses and clinical endpoints. As the trial progresses, we will provide updates with the first one expected in approximately 12 to 18 months from now. We ended the quarter with $1.1 billion of cash and cash equivalents at the holding company and additional $700 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 $0.50 per depository unit. Now turning to our investment segment. Despite the market volatility, we see considerable value creation potential in our portfolio. At AEP, we see new management closing its ROE gap, improving regulatory outcomes, solidifying its balance sheet, and benefiting from tremendous electricity load growth due to AI-driven data center demand. We think electric utilities, particularly AEP, which has operations in real data center hotspots of Texas, Indiana, and Ohio, are an excellent way to benefit in the picks and shovels of AI. At SWIX, we see a gas utility that is closing its ROE gap to peers, seeing a push towards more favorable rate-making in both Nevada and Arizona, and seeing attractive investment opportunities through the potential expansion of its FERC-regulated gas pipeline. During the second quarter, SWIX was also able to execute on two sell-downs a century, its utility services divisions. getting the companies closer to a full separation. We believe that Century should also see an attractive multi-year growth opportunity given continued investment in the electrical and gas grids needed to drive all of the infrastructure investment from data centers, electrification, and reshoring. At Caesars, we have an excellent management team with tremendous owned real estate value and a growing digital business that is deploying its greater than 15% free cash flow yield to repurchase shares and repay debt. We think the digital business is really underappreciated. In fact, in the second quarter, the digital business grew revenue 24% and EBITDA 100%. In time, we would expect CSER's digital business to be unlocked from its current structure if CSER's share price does not reflect the tremendous value of the business. The funds ended the quarter approximately 2% net long. Adjusting for our refining hedges, the fund was 23% net long. And now I will pass it on to Ted to cover our controlled businesses.