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- **Record NAV Growth**: Q3 2025 NAV surged $567 million, driven by CVI's $547 million contribution and fund investments up 5%.
- **Strategic Wins**: AEP, SWX, and EchoStar deliver asymmetric upside; Monroe restructuring aims to unlock $1.2 billion in real estate value.
- **Pharma Pipeline**: PAH drug trial (TRANSCEND) set to dose first patient Q1 2026, targeting first disease-modifying treatment.
- **Liquidity Strength**: $3.4 billion holding company cash and $1.2 billion subsidiary liquidity support activism and growth initiatives.

**【CEO Summary Section】**
- **NAV Growth**: NAV increased by $567 million in Q3 2025, driven by CVI's $547 million contribution and fund investments up 5% (excluding refining hedges).
- **CVI Performance**: Outperformance attributed to Ukraine conflict, higher crack spreads, and resolution of $488 million refinery exemptions liability.
- **Key Portfolio Highlights**: 
  - **AEP**: Benefits from AI infrastructure buildout with strong transmission assets, scale, and management execution.
  - **Southwest Gas (SWX)**: Best-in-class balance sheet with 14% CAGR growth potential due to regulatory tailwinds and data center pipeline expansion.
  - **EchoStar**: Spectrum sales to AT&T and SpaceX drove stock price from $17 to $75; significant upside remains.
  - **IFF**: Management focus on innovation and R&D is driving portfolio streamlining and financial flexibility.
  - **Caesars**: Despite recent performance, thesis remains on real estate value, digital growth, and share buybacks.
  - **Monroe Auto**: New 13D filing highlights potential in 1,100-location network with restructuring underway.

**【CFO Financial Commentary】**
- **Energy Segment**: Q3 EBITDA of $625 million vs. Q3 2024 loss of $35 million, driven by CVI recovery.
- **Automotive Segment**: Service revenue up $11 million YoY; same-store sales +6% ($21 million). 89 underperforming stores closed, 14 new opened. Real estate transferred to unlock value.
- **Real Estate**: Q3 EBITDA down $12 million due to Country Club sale; 2026H2 recovery expected from new developments.
- **Food Packaging**: EBITDA down $8 million due to volume, inefficiencies, and restructuring (completion Q2 2026).
- **Home Fashions**: EBITDA down $4 million due to retail and hospitality demand softness.
- **Pharma**: EBITDA down $7 million due to generic competition; PAH drug trial (TRANSCEND) to enroll 300 patients Q1 2026, targeting first disease-modifying treatment.
- **Liquidity**: Holding company cash + investments: $3.4 billion; subsidiaries: $1.2 billion revolver availability.

**【Q&A Highlights】**
- **Activism Strategy**: Emphasis on board engagement and proxy contests to drive value. Liquidity and balance sheet strength enable tender offers, despite lumpy returns.
- **Future Focus**: Continued activism in both investment and controlled businesses, with confidence in long-term value creation.

Icahn Enterprises L.P.(IEP)-20251105-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IEP

IEP fundamentals

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