艾康企業 (IEP) 2026 年第三季法說會：能源收益、避險虧損與 CVR 交易

重點摘要

• Icahn Enterprises L.P. (IEP) 公布 2026 年第三季歸屬於 IEP 的淨虧損為 2.25 億美元，或每單位虧損 0.31 美元；相較之下，2025 年第三季淨利潤為 2.87 億美元，或每單位獲利 0.49 美元。
• 歸屬於 IEP 的調整後 EBITDA 為虧損 2.14 億美元，而去年同期調整後 EBITDA 則為正值 7,500 萬美元。
• 包含煉油避險在內，投資基金的報酬率為負 31.3%。煉油避險虧損使指示性資產淨值減少了 5.22 億美元。
• 在強勁的煉油營運以及美中地區創紀錄的裂解價差支撐下，能源部門歸屬於 IEP 的調整後 EBITDA 從 9,800 萬美元增加至 4.04 億美元。
• 指示性資產淨值較第二季增加 8.65 億美元，主要反映了 IEP 對 CVR Energy (CVI) 做多部位價值增加 17 億美元，但部分被煉油避險虧損所抵銷。
• 董事會維持每存託單位 0.50 美元的季度配息。截至季末，控股公司的現金及基金投資總計為 23 億美元。

關鍵財務數據

業務與營運表現

投資部門

投資基金在扣除煉油避險前的報酬率為負 5.5%，包含避險後則為負 31.3%。多頭部位貢獻了負 7.8%，而空頭部位則貢獻了負 24.3%。

截至季末，該基金的名義淨空頭曝險從第二季末的 30% 縮減至 7%。若不含煉油避險，淨多頭曝險則從 23% 增加至 57%。IEP 對該基金的投資金額約為 14 億美元，其中包括約 3.34 億美元的現金。

在主要持股中，Century 報告管道與銷售額實現雙位數成長，但其股價在第三季下跌約 34%。IFF 股價上漲約 5%，主因該公司推進其計畫，宣布出售食品原料業務，並授權實施高達 25 億美元的擴大股票買回計畫。Caesars 則報告其區域與數位營運持續表現良好。

能源部門

能源是 IEP 本季表現最強勁的營運部門。歸屬於 IEP 的調整後 EBITDA 年增 3.06 億美元至 4.04 億美元。管理層將此結果歸因於強勁的煉油營運以及創紀錄的美中地區裂解價差。

Wynnewood 煉油廠獲得了 100% 的小型煉油廠豁免。化肥業務績效受到了 East Dubuque 停工檢修的負面影響，但該設施現已恢復營運。管理層表示，該業務已做好準備，將受惠於氮肥供應緊張及秋季氨肥施用旺季。

CVR Energy 宣布以 42 億美元收購煉油廠及銷售平台，收購價格低於管理層預估 2026 年 EBITDA 的 3.5 倍。管理層指出，在備考 (pro forma) 基礎上，該筆交易將使 EBITDA 增加超過 10 億美元，每股盈餘 (EPS) 成長超過 105%。

IEP 承諾提供 5 億美元的履約保證，此金額將根據 CVR Energy 宣布的股權融資按等額減少。管理層表示，預估不會需要動用此履約保證承諾。

汽車與房地產部門

IEP 於 8 月 19 日完成了 Pep Boys 的出售，收到 6.45 億美元並認列了 2.15 億美元的稅前收益。汽車服務收入年減 1.75 億美元，主因該拆售案所致。留存汽車業務的收入（主要為特許加盟權利金收入）與上一季持平。

房地產調整後 EBITDA 年增 1,100 萬美元。該部門承接了先前由汽車部門持有的一部分營運租約，包括由 Pep Boys、其他租戶佔用或目前閒置的大型賣場物業。管理層計劃招租閒置空間，以改善未來的現金流與營運表現。

其他營運部門

食品包裝部門歸屬於 IEP 的調整後 EBITDA 增加 200 萬美元，反映了出貨量成長，以及因減少廢料而帶來的定價與產品組合改善。

儘管飯店餐飲業需求疲軟以及霍爾木茲海峽持續面臨供應鏈中斷，居家時尚部門的調整後 EBITDA 仍維持不變。

醫藥部門調整後 EBITDA 減少 400 萬美元，主因抗肥胖藥物療法面臨學名藥競爭導致銷售額下滑，以及關鍵試驗研發支出增加。該公司 PAH 藥物的 TRANSCEND 試驗準備工作仍按計畫進行，已有四個試驗中心啟動運作且正在進行患者篩選。

管理層展望

管理層表示 10 月表現開局良好，指示性資產淨值因 CVR Energy 增加 5.25 億美元以及投資基金增加約 6,000 萬美元而隨之上升。

公司預期在目前的煉油環境下，新收購的煉油及銷售資產將產生大量現金流。IEP 還預計在未來幾個月內處理將於 2027 年 5 月到期的優先債券。該債券自 11 月 15 日起可以面額贖回，管理層表示其流動資金在贖回時機與方式上提供了靈活性。

風險與關注領域

投資績效持續波動，特別是受到煉油避險和空頭部位的影響。在第三季期間，煉油避險虧損使指示性資產淨值減少了 5.22 億美元。

其他已揭露的營運壓力包括 East Dubuque 化肥廠停工檢修、飯店餐飲需求疲軟、霍爾木茲海峽供應鏈中斷、學名藥競爭影響醫藥銷售，以及臨床試驗費用上升。

IEP 還承擔與 CVR Energy 收購案相關的 5 億美元潛在履約保證承諾，不過管理層預期已宣布的股權融資將會減少該承諾金額，且預計不需要動用。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.