Teleconferência de Resultados do 3T26 da Icahn Enterprises (IEP): Ganhos em Energia, Perdas com Hedge e Acordo da CVR

Principais Destaques

• A Icahn Enterprises L.P. (IEP) relatou um prejuízo líquido no 3T26 atribuível à IEP de US$ 225 milhões, ou US$ 0,31 por unidade, em comparação com o lucro líquido de US$ 287 milhões, ou US$ 0,49 por unidade, no 3T25.
• O EBITDA ajustado atribuível à IEP foi um prejuízo de US$ 214 milhões, frente a um EBITDA ajustado positivo de US$ 75 milhões no mesmo trimestre do ano anterior.
• Os fundos de investimento registraram retorno negativo de 31,3%, incluindo hedges de refino. As perdas com hedges de refino reduziram o valor patrimonial líquido indicativo em US$ 522 milhões.
• O EBITDA ajustado do segmento de Energia atribuível à IEP subiu para US$ 404 milhões, ante US$ 98 milhões, impulsionado por fortes operações de refino e crack spreads recordes no Mid-Continent.
• O valor patrimonial líquido indicativo aumentou US$ 865 milhões em relação ao 2T, refletindo principalmente um aumento de US$ 1,7 bilhão no valor da posição comprada da IEP na CVR Energy (CVI), parcialmente compensado por perdas em hedges de refino.
• O conselho de administração manteve a distribuição trimestral em US$ 0,50 por unidade depositária. O caixa da holding e os investimentos nos fundos somaram US$ 2,3 bilhões no encerramento do trimestre.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

Investimentos

Os fundos de investimento geraram um retorno negativo de 5,5% antes dos hedges de refino e negativo de 31,3% incluindo esses hedges. As posições compradas (long) contribuíram com 7,8% negativos, enquanto as posições vendidas (short) contribuíram com 24,3% negativos.

A exposição nocional líquida vendida dos fundos reduziu-se para 7% no encerramento do trimestre, ante 30% no final do 2T. Excluindo os hedges de refino, a exposição líquida comprada aumentou de 23% para 57%. O investimento da IEP nos fundos era de aproximadamente US$ 1,4 bilhão, incluindo cerca de US$ 334 milhões em caixa.

Entre as principais posições, a Century relatou crescimento de dois dígitos em pipeline e vendas, mas suas ações caíram aproximadamente 34% durante o 3T. As ações da IFF subiram cerca de 5% à medida que a empresa avançou em seu plano, anunciou a venda de seu negócio de ingredientes alimentícios e autorizou um programa ampliado de recompra de ações de US$ 2,5 bilhões. A Caesars reportou continuidade no desempenho positivo em suas operações regionais e digitais.

Energia

Energia foi o segmento operacional mais forte da IEP no trimestre. O EBITDA ajustado atribuível à IEP subiu US$ 306 milhões na comparação anual, para US$ 404 milhões. A administração atribuiu o resultado às fortes operações de refino e aos crack spreads recordes no Mid-Continent.

A refinaria de Wynnewood obteve 100% de isenção para pequenas refinarias. Os resultados de fertilizantes foram afetados negativamente pela parada de manutenção (turnaround) de East Dubuque, embora a instalação já tenha retornado à operação. A gestão afirmou que o negócio está posicionado para se beneficiar da oferta restrita de nitrogênio e da temporada de aplicação de amônia no outono.

A CVR Energy anunciou a aquisição de refinarias e de uma plataforma de comercialização por US$ 4,2 bilhões, a um preço de compra inferior a 3,5 vezes a estimativa da administração para o EBITDA de 2026. A gestão afirmou que a transação teria aumentado o EBITDA em mais de US$ 1 bilhão e o LPA em mais de 105% em base pro forma.

A IEP comprometeu-se com uma garantia firme (backstop) de US$ 500 milhões, que será reduzida dólar por dólar pela oferta de ações anunciada pela CVR Energy. A administração declarou que não espera que o compromisso de backstop seja exigido.

Automotivo e Imobiliário

A IEP concluiu a venda da Pep Boys em 19 de agosto, recebendo US$ 645 milhões e registrando um ganho antes dos impostos de US$ 215 milhões. A receita dos serviços automotivos caiu US$ 175 milhões na comparação anual, principalmente devido ao desinvestimento. A receita das operações automotivas remanescentes, composta principalmente por royalties de franquias, ficou estável em relação ao trimestre anterior.

O EBITDA ajustado do segmento Imobiliário aumentou US$ 11 milhões na comparação anual. O segmento assumiu determinados arrendamentos operacionais que antes pertenciam ao Automotivo, incluindo propriedades de supercentros com espaços ocupados pela Pep Boys, outros inquilinos ou atualmente vagos. A gestão planeja alugar o espaço vago para melhorar o fluxo de caixa futuro e os resultados operacionais.

Outros Segmentos Operacionais

O EBITDA ajustado do segmento de Embalagens para Alimentos atribuível à IEP aumentou US$ 2 milhões, refletindo maiores volumes e uma melhoria nos preços e no mix de produtos resultante da redução de desperdícios.

O EBITDA ajustado do segmento de Artigos para o Lar permaneceu inalterado, apesar da menor demanda do setor de hospitalidade e das contínuas interrupções na cadeia de suprimentos no Estreito de Ormuz.

O EBITDA ajustado do segmento Farmacêutico caiu US$ 4 milhões devido a vendas menores causadas pela concorrência de genéricos na terapia antiobesidade e a maiores despesas de pesquisa e desenvolvimento para ensaios pivotais. A preparação para o ensaio TRANSCEND para o medicamento contra HAP da empresa permaneceu no cronograma, com quatro centros ativos e triagem de pacientes em andamento.

Perspectivas da Administração

A administração afirmou que outubro começou de forma positiva, com o valor patrimonial líquido indicativo aumentando em razão de uma alta de US$ 525 milhões na CVR Energy e de um incremento de aproximadamente US$ 60 milhões vindo dos fundos de investimento.

A empresa espera que os ativos de refino e comercialização adquiridos gerem um fluxo de caixa expressivo no atual cenário de refino. A IEP também prevê tratar de suas notas sênior com vencimento em maio de 2027 nos próximos meses. As notas tornam-se resgatáveis ao par a partir de 15 de novembro, e a administração declarou que sua liquidez oferece flexibilidade em relação ao momento e ao método a ser utilizado.

Riscos e Pontos de Atenção

O desempenho dos investimentos permaneceu volátil, principalmente devido a hedges de refino e posições vendidas. As perdas com hedges de refino reduziram o valor patrimonial líquido indicativo em US$ 522 milhões no 3T.

Outras pressões operacionais divulgadas incluíram a parada de manutenção na unidade de fertilizantes de East Dubuque, demanda fraca no setor de hospitalidade, interrupções na cadeia de suprimentos no Estreito de Ormuz, concorrência de genéricos afetando as vendas do segmento Farmacêutico e despesas mais elevadas com ensaios clínicos.

A IEP também possui um compromisso potencial de garantia firme (backstop) de US$ 500 milhões relacionado à aquisição pela CVR Energy, embora a gestão preveja que a oferta de ações anunciada reduzirá esse compromisso e não antecipe a necessidade de acioná-lo.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

Operator

Good morning, and welcome to the Ian Enterprises LP Third Quarter 2026 Earnings Call with Ted Papastolo, President and CEO; Robert Slant, Chief Financial Officer; and Joseph Passeri, Director of SEC Reporting.

I would now like to hand the call over to Joseph Passeri, who will read the opening statement.

Joseph Passeri

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation and 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 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.

Accordingly, there are 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 fair value of certain subsidiaries, which are not included in our GAAP earnings.

All net income and EBITDA amounts we discussed are attributable to Icon enterprises unless otherwise specified. I'll now turn it over to Ted.

Ted Papapostolou

Thank you, Joe. Increased by $865 million compared to Q2 and -- the increase was primarily driven by a $1.7 billion increase in the value of our long position in our subsidiary, CVI, partially offset by a $522 million decrease related to losses on refining hedges within our funds.

The month of October has started Q4 positively with NAV increasing as a result of a $525 million increase in CVI and approximately $60 million increase from the funds.

CVI announced a transformative $4.2 billion acquisition of refineries and a marketing platform at a purchase price of less than 3.5x management's estimate of 2026 EBITDA.

For the months ended September 30, 2026, the transaction would have increased CVR's EBITDA by over $1 billion and increased EPS by more than 105% on a pro forma basis.

We believe the transaction is highly accretive and adds to strong cash-generating assets at an attractive valuation. In the current favorable refining environment, we expect these assets to generate substantial cash flow over the next months and beyond.

IAP strongly supports the transaction and has committed to provide a $500 million backstop which will be reduced dollar for dollar by the CVI equity offering announced earlier today.

As a result, we do not expect that our commitment will be needed. Separately, as part of the broader strategy, the CVI secondary equity transaction announced earlier today is intended to increase the liquidity and trading volume of CVI shares while providing additional liquidity to IEP.

We have senior notes maturing in May of 2027 and they become callable at par beginning November 15. We expect to address these notes in the coming months as we continue to evaluate the most effective use of our liquidity. With liquidity across our cash and investment in the funds, we have significant flexibility in how and when we address these notes.

The Board declared an unchanged distribution of $0.50 per depository unit. Turning to our top positions in our Investment segment. Century reported strong double-digit growth in both pipeline and sales in. The stock was down approximately 34% for Q3.

IFF continued to execute on its plan and announced the sale of its food ingredients business. The company also authorized an enhanced $2.5 billion share repurchase program. IFF shares increased approximately 5% during Q3. Caesars reported Q3 results with continued positive performance in its regional and digital businesses.

Caesars shares declined approximately during. I will now pass it to Rob to talk about the financial results.

Robert Flint

Thank you, Ted. For the third quarter of 2026, net loss attributable to IEP was $225 million or a loss of $0.31 per unit.

Net income attributable to IEP was $287 million or income of $0.49 per unit in the prior year quarter. Q3 '26 adjusted EBITDA loss attributable to IEP was $214 million compared to adjusted EBITDA attributable to IEP of $75 million for the prior year quarter. I'll now provide more detail regarding the performance of our individual segments.

The investment funds had a negative return of 5.5% for the quarter, excluding the refining hedges. Including the refining hedges, the funds had a negative return of 31.3% for the quarter.

Long positions had a net negative performance attribution of 7.8% and short positions had a negative performance attribution of 24.3%. The funds had a net short notional exposure of 7% at quarter end compared to net short of 30% as of prior quarter end.

Excluding our refining hedges, the funds had a net long notional exposure of 57% as of quarter end compared to net long of 23% as of prior quarter end.

Our investment in the funds was approximately $1.4 billion as of quarter end and had approximately $334 million in cash. Moving to our Energy segment. Energy segment adjusted EBITDA attributable to IEP was $404 million for Q3 '26 compared to $98 million in Q3 '25 or CBR recognized record earnings for the second quarter, driven by strong refining operations and record crack spreads in the Mid-Con.

We were pleased with the 100% small refinery waiver received at the Wynnewood refinery during the quarter. The fertilizer business results were negatively impacted by the East DB turnaround, but with the facility back online, they're now positioned to benefit from tight nitrogen supplies and the fall ammonia application season.

We are pleased with CBR's announcement of a $0.10 dividend and continue to believe that CBI's assets are well positioned to benefit from global tightness in refined product and nitrogen fertilizer.

Now turning to our Automotive segment. During Q3 '26, we closed on the sale of Pep Boys and received $645 million in proceeds and recognized a pretax gain of $215 million.

For the quarter, Automotive segment includes Pep Boys operating results through the closing date of August 19. Q3 '26 automotive service revenues decreased by $175 million compared to the prior year quarter. primarily as a result of the sale of Pep Boys.

Revenue from the retained automotive businesses, which primarily comprised of royalty income from the franchising businesses was flat in comparison to the prior quarter.

Now turning to all other operating segments. Real Estate's Q3 '26 adjusted EBITDA increased by $11 million compared to the prior year quarter. The increase is primarily driven by income from the assets that were transferred from the automotive segment.

During the quarter, in connection with the sale of Pep Boys, the Real Estate segment assumed certain operating leases previously held in the Automotive segment. The majority of these assumed leases or supercenter leases where Pep Boys occupied a portion of the space and the remaining space is either occupied by other tenants or is currently vacant.

The Real Estate segment will continue leasing up vacant space, which would improve cash flows and results going forward. Food Packaging's adjusted EBITDA attributable to IEP increased by $2 million for Q3 '26 as compared to the prior year quarter.

The increase is primarily due to volume-related increases and an increase in price and product mix driven by reduced waste. Home Fashion's adjusted EBITDA remained consistent when compared to the prior year quarter, despite softening demand in our hospitality business and continued supply chain disruptions in the Strait of Hormuz. Pharma's adjusted EBITDA decreased by $4 million when compared to the prior year quarter, primarily due to reduced sales resulting from generic competition in our anti-obesity drug therapy and increased R&D expenses related to our ongoing pivotal drug trials.

The TRANSCEND trial preparation for our PAH drug remains on schedule with 4 sites active and patient screening underway. Now turning to our liquidity.

We maintain liquidity at the holding company and at our operating subsidiaries to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $2.3 billion and our subsidiaries had cash and revolver availability of $582 million.

We continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments. This concludes our presentation of third quarter results, and we look forward to our update next quarter. Thank you.