伊坎企业 (IEP) 2026年第三季度业绩电话会议：能源收益、对冲亏损及CVR交易

核心要点

• 伊坎企业（Icahn Enterprises L.P.，简称 IEP）公布2026年第三季度归属于IEP的净亏损为2.25亿美元，即每单位亏损0.31美元；而2025年第三季度净利润为2.87亿美元，即每单位收益0.49美元。
• 归属于IEP的调整后EBITDA亏损为2.14亿美元，而上年同期调整后EBITDA为7500万美元。
• 计入炼油对冲在内，投资基金的回报率为-31.3%。炼油对冲亏损导致指示性净资产价值减少了5.22亿美元。
• 在强劲的炼油业务和创纪录的美国中部裂解价差支撑下，归属于IEP的能源业务板块调整后EBITDA从9800万美元增至4.04亿美元。
• 指示性净资产价值较第二季度增加8.65亿美元，主要反映了IEP持有的 CVR Energy (CVI) 多头头寸价值增加了17亿美元，但部分被炼油对冲亏损所抵消。
• 董事会维持每存托单位0.50美元的季度分红。季度末，控股公司现金及基金投资总额为23亿美元。

关键财务数据

业务与经营业绩

投资业务

在扣除炼油对冲前，投资基金的投资回报率为-5.5%，计入炼油对冲后则为-31.3%。多头头寸贡献了-7.8%的回报率，而空头头寸贡献了-24.3%的回报率。

截至季度末，基金的名义净空头头寸敞口从第二季度末的30%收窄至7%。剔除炼油对冲后，净多头头寸敞口从23%上升至57%。IEP对基金的投资额约为14亿美元，其中包括约3.34亿美元现金。

在主要持仓中，Century 报告管线和销售额实现两位数增长，但其股价在第三季度下跌了约34%。IFF 股价上涨约5%，因该公司推进其计划、宣布出售食品配料业务，并授权了一项扩大的25亿美元股票回购计划。Caesars 报告其区域及数字业务持续取得积极表现。

能源业务

能源板块是IEP本季度表现最强劲的运营板块。归属于IEP的调整后EBITDA同比增长3.06亿美元至4.04亿美元。管理层将这一业绩归因于强劲的炼油业务以及创纪录的美国中部裂解价差。

Wynnewood 炼油厂获得了100%的小型炼油厂豁免。尽管 East Dubuque 设施已恢复运营，但肥料业务业绩仍受到该设施检修停工的不利影响。管理层表示，该业务已做好准备，将受益于氮肥供应紧张和秋季氨肥施用旺季。

CVR Energy 宣布以42亿美元收购炼油厂和一个营销平台，收购价格低于管理层预估的2026年EBITDA的3.5倍。管理层表示，按备考基准计算，该交易将使EBITDA增加超10亿美元，每股收益（EPS）增加超105%。

IEP 承诺提供5亿美元的底线担保，该担保额度将随着 CVR Energy 宣布的股权融资按一比一等额减少。管理层表示，预计不需要履行该担保承诺。

汽车与房地产业

IEP 于8月19日完成了 Pep Boys 的出售，收到6.45亿美元并确认了2.15亿美元的税前收益。汽车服务收入同比减少1.75亿美元，主要是由于剥离该业务所致。保留的汽车业务收入（主要是特许权使用费收入）与上季度持平。

房地产业务调整后EBITDA同比增长1100万美元。该板块接管了此前由汽车业务持有的某些经营租赁，包括由 Pep Boys、其他租户占用或目前空置的大型中心物业。管理层计划出租空置空间，以改善未来的现金流和经营业绩。

其他运营板块

归属于IEP的食品包装业务调整后EBITDA增加了200万美元，反映出销量上升以及减少浪费带来的定价和产品组合优化。

尽管酒店业需求放缓以及霍尔木兹海峡供应链持续受阻，家居时尚业务（Home Fashion）调整后EBITDA仍保持持平。

由于抗肥胖药物疗法面临仿制药竞争导致销售额下降，以及关键试验的研发支出增加，医药业务调整后EBITDA减少了400万美元。该公司针对肺动脉高压（PAH）药物的 TRANSCEND 试验准备工作按计划推进，目前已有四个中心处于活跃状态，患者筛选工作正在进行中。

管理层展望

管理层表示，10月份开局良好，指示性净资产价值有所增加，这得益于 CVR Energy 增加5.25亿美元以及投资基金增加约6000万美元。

公司预计，在当前的炼油环境下，所收购的炼油和营销资产将产生巨额现金流。IEP 还预计在未来几个月内解决将于2027年5月到期的优先票据问题。该票据自11月15日起可以按面值赎回，管理层表示其流动性为选择赎回时间和方式提供了灵活性。

风险与关注领域

投资业绩依然波动较大，尤其是受炼油对冲和空头头寸的影响。第三季度炼油对冲亏损使指示性净资产价值减少了5.22亿美元。

其他披露的经营压力包括 East Dubuque 肥料设施检修停工、酒店业需求疲软、霍尔木兹海峡供应链受阻、影响医药销售的仿制药竞争以及临床试验费用增加。

IEP 还承担与 CVR Energy 收购相关的潜在5亿美元底线担保承诺，但管理层预计已宣布的股权融资将减少该担保额度，且预计不需要履行该担保。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.