Icahn Enterprises L.P.

Q3 2021 Earnings Presentation

November 2, 2021

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Safe Harbor Statement

Forward-Looking Statements and Non-GAAP Financial Measures

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 risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors, including the severity, magnitude and duration of the COVID-19 pandemic. 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. 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.

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Q3 2021 Highlights and Recent Developments

  • Net loss improved $566M for Q3 and $1.7B YTD versus prior year
  • Investment fund performance is down slightly in Q3 (-1.8%), but positive at 8.8% YTD 2021
  • NAV has increased to $5.4B, up $1.8B YTD
  • On November 1, 2021, the Board declared a $2.00 quarterly distribution
  • On October 27, we commenced a tender offer for all of the outstanding shares of common stock of Southwest Gas Holdings, Inc. for $75.00 per share
  • We entered into a definitive agreement to sell PSC Metals on October 27
  • CVR Energy accelerates its energy transformation efforts
  • Our efforts to enhance returns on real-estate assets embedded in IAG continue to bear fruit

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Consolidated Results

Net Loss Attributable to Icahn Enterprises

+$1,677

+$566

Q3 2021 v Q3 2020

YTD 2021 v YTD 2020

Selected Income Statement Data ($Millions)

Revenues

Expenses

Net income (loss) before income tax (expense) benefit Income tax (expense) benefit

Net income (loss)

Less: net income (loss) attributable to non-controlling interests Net income (loss) attributable to Icahn Enterprises

Adjusted EBITDA Attributable to Icahn Enterprises(1)

(1) Refer to the Adjusted EBITDA reconciliations in the Appendix.

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Adjusted EBITDA Attributable to Icahn

Enterprises

+$1,873

+$638

Q3 2021 v Q3 2020

YTD 2021 v YTD 2020

Three Months Ended

Nine Months Ended

September 30,

September 30,

2021

2020

2021

2020

$2,646

$723

$9,018

$3,372

2,876

2,189

8,635

6,332

(230)

(1,466)

383

(2,960)

19

66

(57)

118

(211)

(1,400)

326

(2,842)

(63)

(686)

448

(1,043)

($148)

($714)

($122)

($1,799)

$88

($550)

$715

($1,158)

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Financial Performance

Net Income (Loss) Attributable to Icahn Enterprises

Three Months Ended

Nine Months Ended

September 30,

September 30,

($Millions)

2021

2020

2021

2020

Operating Segments:

Energy

$54

($73)

$10

($140)

Automotive

(55)

(26)

(139)

(149)

Food Packaging

1

3

2

3

Metals

7

3

19

(10)

Real Estate

-

8

(5)

(4)

Home Fashion

(3)

1

(9)

(2)

Pharma

(5)

-

1

-

Operating Segments

(1)

(84)

(121)

(302)

Investment

(84)

(543)

375

(990)

Holding Company

(63)

(87)

(376)

(507)

Consolidated

($148)

($714)

($122)

($1,799)

Adjusted EBITDA Attributable to Icahn Enterprises(1)

Three Months Ended

Nine Months Ended

September 30,

September 30,

($Millions)

2021

2020

2021

2020

Operating Segments:

Energy

$143

($35)

$190

($8)

Automotive

14

6

30

(42)

Food Packaging

11

12

38

36

Metals

11

7

31

6

Real Estate

2

5

2

20

Home Fashion

(1)

4

(2)

5

Pharma

-

-

8

-

Operating Segments

180

(1)

297

17

Investment

(60)

(520)

452

(921)

Holding Company

(32)

(29)

(34)

(254)

Consolidated

$88

($550)

$715

($1,158)

(1) Refer to the Adjusted EBITDA reconciliations in the Appendix.

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Disclaimer

Icahn Enterprises LP published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 13:19:14 UTC.