Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises LP Third Quarter 2025 Earnings Call with Andrew Tino, President and CEO, Ted Papapustolo, 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, Rewards of similar meaning and include but are not limited to statements about 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 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 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. We had a good third quarter. NAV increased $567 million. CVI net of refining hedges increased NAV by $547 million, and the funds excluding refining hedges were up approximately 5%. For CVI, the outperformance was driven by three factors, the continued conflict in Ukraine, increased crack spreads, and most importantly, the resolution of our small refinery exemptions from 2019 to 2024, which removed a $488 million liability from the CVI balance sheet. Going forward, our hope is that the Trump administration and the EPA will continue to grant small refineries the exemptions they deserve. And to be clear, we believe that Winniewood is entitled to receive 100% exemptions going forward. Turning to the funds, we were up approximately 5% excluding refining hedges. The big winner for the quarter was our investment in Ecclestar, and big detractors were the broad market and refining hedges. In terms of our top positions, AEP is an electric utility that is benefiting from the AI infrastructure build-out. Importantly, not all electric utilities will benefit the same from the AI build-out. In order to be a winner, you need to have four things, the right jurisdictions, the right assets, enough scale, and a hungry management team. AEP checks all those boxes. AEP has sizable operations in the data center hotspots of Texas, Indiana, Oklahoma, and Ohio, which have available land and low power prices. AEP has the right assets, given its 55% mix of earnings from transmission, which enables timely recovery on investments, and the ability to build new generation across multiple jurisdictions to support the increasing power needs. Scale is important because investments in new power generation are large sellers. A $3 billion investment can be too big for smaller entities to fund. With a greater than $60 billion market cap, AEP has the necessary scale. And lastly, you need to have a management team that is hungry, that wants to win, thinks creatively, and matches the intensity of the customer base. Under the leadership of the new CEO and CFO at AEP, we believe we are in excellent hands. Turning to Southwest Gas. SWIX has recently completed its full separation from Century and now has an absolutely best-in-class balance sheet. The company should grow earnings faster than pure gas utilities given recent legislation and policies in both of its key jurisdictions that should enable more timely recovery on investments. Southwest Gas also has a potential significant pipeline expansion for data center, PowerGen, and industrial users in Northern Nevada. With both growth drivers, Two research analysts recently predicted that SWIX could grow net income at a 14% CAGR between 2025 and 2029, when many peers will be in the 68% range. For Echostar, we were attracted to the asymmetric upside driven by the highly valuable Spectrum assets. The recent deals to sell Spectrum to AT&T and SpaceX highlight that value with the stock having increased from the teens in June to approximately $75 per share as a quarter end. We think there is still considerable upside remaining. IFF is a high-quality consumer staple company. The refreshed management team's focus on high growth and innovation-led businesses has enabled IFF to streamline its portfolio, right-size its balance sheet, and restore financial flexibility to invest in R&D and return cash to shareholders. With the company continuing to drive improvement within the food ingredients business, IFF is nearing an inflection point that will enable it to close its discount to peers. For Caesars, no doubt we have been disappointed with the recent performance, but our thesis is unchanged. We see considerable owned real estate value, a growing high-quality digital business at the early stages of an iCasino rollout across the country, and significant free cash flow being used to repurchase shares. I would also like to mention our recent 13D filing related to an investment in Monroe, which has approximately 1100 auto service locations across the US. We think Monroe is an attractive investment opportunity and look forward to discussing more in future calls. And now, I would like to pass it on to Ted to discuss our controlled businesses.