<span item_type="fundamental" item_id="d2bb5751c5af27cbb6569020189d3f8a" counter_id="ST/US/IEP" env="prod"></span><span item_type="announcement" item_id="645352639282088961" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 2.206 B.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.71, missing the estimate of USD 0.1.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -536 M.</p><p></p><h4>Indicative Net Asset Value (NAV)</h4><p>Icahn Enterprises L.P.’s indicative net asset value was approximately $3.4 billion as of March 31, 2026, which is an increase of $201 million compared to December 31, 2025. This improvement was primarily driven by a $605 million increase in the value of the long position in CVI. This was partially offset by - $320 million in losses from refining hedges within the Investment segment, - $79 million in the Holding Company’s net interest expense, and - $51 million for IEP distribution payable. Excluding the impact of refining hedges and CVI gains, the Investment segment alone showed a positive performance of $110 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Consolidated Revenues</h4><p>Total revenues for the three months ended March 31, 2026, were $2.2 billion, an increase from $1.9 billion for the same period in 2025. Net sales were $2,311 million in Q1 2026, up from $2,002 million in Q1 2025. Other revenues from operations were $161 million in Q1 2026, compared to $168 million in Q1 2025. Net loss from investment activities improved to - $302 million in Q1 2026 from - $394 million in Q1 2025. Interest and dividend income decreased to $47 million in Q1 2026 from $83 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Net Loss and Adjusted EBITDA</h4><p>Net loss attributable to Icahn Enterprises L.P. was - $459 million for the three months ended March 31, 2026, compared to - $422 million for the same period in 2025. The Q1 2026 GAAP net loss was negatively impacted by - $425 million in losses from refining hedges within the Investment segment and - $158 million in unrealized derivative losses within the Energy segment. Adjusted EBITDA loss attributable to Icahn Enterprises L.P. was - $216 million for Q1 2026, an improvement from - $228 million for Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Operating Expenses</h4><p>Cost of goods sold increased to $2,340 million in Q1 2026 from $2,016 million in Q1 2025. Selling, general and administrative expenses were $209 million in Q1 2026, compared to $201 million in Q1 2025. Interest expense was $123 million in Q1 2026, slightly down from $128 million in Q1 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Balance Sheet Highlights</h4><p>As of March 31, 2026, total assets were $12,933 million, a decrease from $14,215 million as of December 31, 2025. Cash and cash equivalents decreased to $1,299 million from $1,450 million during the same period. Investments decreased to $1,638 million from $2,251 million. Total liabilities were $10,586 million as of March 31, 2026, down from $10,789 million as of December 31, 2025. Debt decreased to $6,392 million from $6,616 million. Total equity was $2,347 million as of March 31, 2026, compared to $3,426 million as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Distributions</h4><p>The Board of Directors declared a quarterly distribution of $0.50 per depositary unit, payable on or about June 25, 2026, to unitholders of record as of May 18, 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p><h4>Outlook/Guidance</h4><p>Icahn Enterprises L.P. expects to derive $447 million of aggregate locked-in value within its Energy segment through 2027. This value is anticipated from the sale of NYMEX crack spread swaps that were entered into during Q1 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/813762/000110465926055925/tm2613700d1_ex99-1.htm"></span></p>

Icahn Enterprises | 8-K: FY2026 Q1 Revenue: USD 2.206 B