Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises LP fourth quarter 2025 earnings call with Andrew Chino, President and CEO, Ted Papastolo, 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 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 to everyone on today's call. Fourth quarter NAV decreased by $654 million compared to the third quarter. The excellent performance in our funds, up 11% for the quarter, was offset by share price declines in CVI. Regarding CVI, we don't believe there are any material changes to CVI's outlook. Rather, we remain optimistic on the medium-term refining outlook. The two positive factors are, one, limited capacity expansions globally, and two, multiple new pipeline projects that will move MidCon and Gulf Coast barrels to the West Coast, which should help improve regional profitability for CVI. On a company-specific level, CVI is focused on improving its capture rates, which should drive improved profitability, even if industry crack spreads remain constant. Now turning to the funds. In the fourth quarter, we were up approximately 11%, including refining hedges, and up approximately 9%, excluding refining hedges. The big contributors for the quarter were Echostar, the Refining Hedges, and Century. Our lone big detractor was Caesars. For the year, we are about flat, including Refining Hedges, and up 7% excluding Refining Hedges. In terms of our top positions, AEP is an electric utility that is benefiting from the AI infrastructure buildout and a new world-class management team. During their third quarter call, AEP disclosed a new $72 billion CapEx plan, that would drive its asset base to grow at a 10% CAGR and its earnings per share to grow at a 9% CAGR through 2030. Already, after only a few months, the company is seeing opportunities to add an additional $5 to $8 billion of projects that would further grow its asset base and earnings per share. Southwest Gas is a gas utility that we exited subsequent to the quarter. I am proud of the work that we did in collaboration with the board and management team. The company is in a much better position today than when we first invested, given the Great Basin Pipeline Expansion Project, path to improved return on equity, and best-in-class balance sheet. Turning to Echostar. The company sold additional spectrum to SpaceX in exchange for additional SpaceX common equity, further demonstrating the value of Echostar's spectrum portfolio. We believe meaningful upside remains and that the IPO of SpaceX could serve as a meaningful positive catalyst. Century. A utility infrastructure services firm is firing on all cylinders, reporting base revenue and EBITDA growth of 25% and 28% in Q3. The combination of the organic growth and a recent equity offering has led to leverage declining to mid-two times EBITDA, giving the company significant financial flexibility, further enabling it to continue capturing the tremendous growth in energy infrastructure investments. IFF is a high-quality consumer staple company where the refreshed management team continues to impress. IFF announced a formal sale process for its food ingredients business and gave 2026 guidance for mid-single-digit comparable EBITDA growth as portfolio optimization and investment in product innovation drive volume growth and performance. One name that fell off the top five list is Caesars, where the stock has underperformed our expectations. We continue to believe that Caesars is undervalued given the significant owned real estate portfolio and the growing digital business powered by iCasino. Using consensus estimates, Caesars trades an approximately 20% free cash flow yield, which is expected to be used to repurchase shares and pay down debt. If I step back and speak a bit more broadly, we are taking a slightly more cautious view of the market. With all the wild swings in sectors that are deemed at risk of AI, We are happy to be in defense of names that should benefit from the AI build out with a significant war chest to take advantage of opportunities as they arise. As of year end, we had approximately 750 million in cash at the funds. More recently, our cash balance at the funds has increased and is greater than 1.2 billion. Subsequent to the quarter end, we have taken steps to reduce our IEP corporate debt balance, and we called in the remaining balance of the 2026 maturities. Lastly, the board declared an unchanged distribution at 50 cents per depository unit. I will now pass it to Ted to talk about our controlled businesses.