Icahn Enterprises L.P.

Good morning and welcome to the ICANN Enterprises L.P. Second Quarter 2026 Earnings Call with Ted Papapostolou, President and CEO, Robert Flint, Chief Financial Officer, and Joseph Facetti, Director of SEC Reporting. I would now like to hand the call over to Joseph Facetti, 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 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 risk, 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 Icahn Enterprises unless otherwise specified. I'll now turn it over to Ted.

Thank you, Joe. Q2 NAV decreased by $765 million compared to Q1. The decrease was primarily driven by the funds of $243 million and CVI of $435 million. Included in Q2 NAV is an estimated gain of approximately $100 million from the expected sale of Pep Boys. Updating just for market value subsidiaries and investments for the month of July, NAV increased by $268 million due to an increase from CVI of $575 million and the funds decreased by approximately $312 million. During the second quarter, CVI experienced a leadership transition following the departure of its CEO for personal reasons. CVI benefited from a deep bench of experienced leaders, and the transition has been managed seamlessly. The company's strategic direction, operational priorities, and commitment to creating shareholder value remain firmly intact. Looking ahead, major geopolitical developments continue to contribute to volatility across energy markets. While these dynamics can create near-term uncertainty, they have also established attractive market opportunities for the balance of 2026. We believe CVI is well positioned to capitalize on these opportunities. We were pleased to see CVI declare a $0.10 per share dividend. We are also pleased to have entered into a definitive agreement in July to sell Pep Boys for $700 million, subject to customary closing and purchase price adjustments. This transaction represents the culmination of years of hard work and disciplined execution by our leadership team and thousands of dedicated employees across the organization. Through a multi-year transformation plan, we strengthened the business and positioned Pep Boys as a more profitable and valuable enterprise. We believe this transaction validates the progress made over that period and represents the successful realization of our efforts to create value. As part of the transaction, IEP will retain the owned real estate previously transferred from Pep Boys, as well as the franchise businesses and certain retained liabilities, including Supercenter leases. Following the closing, Pep Boys is expected to continue leasing most of these locations from IEP, creating an ongoing landlord tenant relationship. Importantly, the transaction is expected to provide significant financial flexibility. While we continue to evaluate the most effective use of proceeds, we currently anticipate that a portion will be used to address the upcoming debt maturities, further strengthening our balance sheet, and enhancing our ability to capitalize on future opportunities. The Board declared unchanged distribution at 50 cents per depository unit. In terms of our top positions within our funds, Sentry reported base revenue and gross profit growth of 36% and 21% in Q2. The company announced an acquisition of a premier provider of mechanical and electrical construction services. The stock was up approximately 4% for Q2. IFF continues to execute on its portfolio optimization, announcing it entered into an agreement to sell its food ingredients business and its portfolio of botanical extracts Vitamins and Minerals, and Food Enhancement. IFF stock was up approximately 9% for Q2. Caesars reported Q2 results with strong regional and digital performance with high hold in Vegas. Caesars stock was up approximately 14% for Q2. Echostar announced the completion of its license purchase agreement with AT&T. Echostar stock was down approximately 13% for Q2. JetBlue reported solid Q2 results, growing revenue per available seat mile by approximately 11%, while operating expenses per available seat mile excluding fuel increased by approximately 2%. JetBlue's stock was up approximately 30% for Q2. I will now pass it to Rob to talk financial results.