Icahn Enterprises LP (IEP) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Icahn Enterprises L.P. second-quarter 2025 earnings call with Andrew Teno, President and CEO; and Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer.

早安，歡迎參加 Icahn Enterprises L.P. 2025 年第二季財報電話會議，與會人員包括總裁兼執行長 Andrew Teno、財務長 Ted Papapostolou 和首席會計長 Robert Flint。

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

現在我想把發言權交給羅伯特·弗林特，他將宣讀開場白。

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for forward-looking statements as we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions.

謝謝您，接線生。1995 年《私人證券訴訟改革法案》為我們在本簡報中所做的前瞻性聲明提供了安全港，包括有關我們未來業績、業務計劃和潛在收購的陳述。

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.

前瞻性陳述可以透過預期、預計、打算、計劃、相信、尋求、估計、將或類似含義的詞語來識別，包括但不限於有關 Icahn Enterprises L.P. 及其子公司預期未來業務和財務業績的陳述。

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.

由於各種已知和未知的風險、不確定性以及我們向美國證券交易委員會提交的文件中討論的其他因素，包括經濟、競爭、法律和其他因素，實際事件、結果和成果可能與我們的預期有重大差異。

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.

因此，我們無法保證我們的期望能夠實現。除非法律另有規定，否則我們不承擔在情況發生變化時更新或修改任何前瞻性陳述的義務。

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.

本報告也包括某些非 GAAP 財務指標，包括調整後的 EBITDA。您可以在本簡報的背面找到此類非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳表。

We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified.

我們也提供指示性淨值。指示性淨資產價值包括某些子公司的公允價值變動等，這些變動未計入我們的 GAAP 收益。除非另有說明，我們將討論的所有淨收入和 EBITDA 金額均歸屬於 Icahn Enterprises。

I'll now turn it over to Andrew Teno, our Chief Executive Officer.

現在我將把發言權交給我們的執行長安德魯特諾 (Andrew Teno)。

Thank you, Rob, and good morning, everyone. NAV increased $252 million from the first quarter, driven primarily by positive performance in CVI, offset by decreases, in this case, in Auto Service.

謝謝你，羅布，大家早安。NAV 較第一季增加了 2.52 億美元，主要原因是 CVI 的積極表現，但被汽車服務（在本例中為下降）所抵消。

CVI share price increased by 38%, which, when combined with additional share purchases of $32 million, led to an increase of $561 million from the first quarter. Crack spreads have improved, especially diesel cracks. And we have no more planned turnarounds in 2025 and 2026. This enhanced cash flow profile has led to CVI recently paying down $90 million of its previously issued term loan.

CVI 股價上漲了 38%，加上 3,200 萬美元的額外股票購買，導致其比第一季增加了 5.61 億美元。裂解價差有所改善，尤其是柴油裂解價差。我們沒有計劃在 2025 年和 2026 年做出任何扭轉局面的舉措。這種增強的現金流狀況使得 CVI 最近償還了先前發放的 9,000 萬美元定期貸款。

Regarding RINs, we remain hopeful that the new administration may lead to the resolution of our outstanding litigation regarding small refinery exemptions, which has the potential to remove the $548 million liability that was recorded as of the second quarter of 2025 and potentially provide clarity to future years.

關於 RIN，我們仍然希望新政府能夠解決我們關於小型煉油廠豁免的未決訴訟，這有可能消除截至 2025 年第二季記錄的 5.48 億美元負債，並可能為未來幾年提供清晰度。

We also announced that CVI's CEO, Dave Lamp, would be retiring as of year-end. His replacement, Mark Pytosh, is an internal promotion who has been the CEO of the fertilizer business and also led CVI's midstream efforts for the past few years.

我們還宣布，CVI 的首席執行官戴夫·蘭普 (Dave Lamp) 將於年底退休。他的繼任者馬克·皮托什 (Mark Pytosh) 是公司內部提拔的，他曾擔任化肥業務的首席執行官，並在過去幾年中領導了 CVI 的中游業務。

The investment funds ended down approximately 0.5% for the quarter, primarily driven by gains in our consumer cyclical sector, offset by our broad market and refining hedges. Excluding the refining hedges, fund performance would have been a positive return of 2%.

本季投資基金下跌約 0.5%，主要受消費週期性產業收益推動，但被廣泛的市場和煉油對沖所抵消。不包括煉油對沖，基金績效將實現 2% 的正回報。

Our Auto Service division remains a turnaround story. We are encouraged by the change in top-line revenue. After seeing first-quarter Auto Services revenue down 5% year over year, we saw revenue improve to 1% growth in both May and June. And it will accelerate further in July.

我們的汽車服務部門依然保持著扭虧為盈的勢頭。營業收入的改變令我們感到鼓舞。在看到第一季汽車服務收入年減 5% 之後，我們看到 5 月和 6 月的收入均成長了 1%。7月這一趨勢將進一步加速。

In our Pharma segment, we have approved the initiation of Vivus' pivotal trial for the pulmonary arterial hypertension or PAH asset, VI-0106. In short, this drug is meant to serve patients with advanced PAH who struggle to breathe, provide oxygen to the blood, and maintain mobility and/or quality of life, given the restriction of blood flow in their arteries, leaving the heart to the lungs.

在我們的製藥部門，我們已經批准啟動 Vivus 針對肺動脈高壓或 PAH 資產 VI-0106 的關鍵試驗。簡而言之，這種藥物旨在為患有晚期肺動脈高壓 (PAH) 的患者提供服務，由於動脈血流受限，導致心臟無法正常工作，無法向血液提供氧氣，無法維持活動能力和/或生活品質。

Currently, there are multiple alternative treatments in the market. The latest treatment is marketed under the name Winrevair. With any current PAH treatment, the patient may still require a lung transplant and/or heart transplant, which will not address the underlying cause of PAH.

目前，市面上有許多替代療法。最新治療方法以 Winrevair 為名在市面上銷售。對於任何目前的 PAH 治療，患者可能仍需要進行肺移植和/或心臟移植，但這並不能解決 PAH 的根本原因。

We believe our asset is unique, and the FDA will evaluate the potential of this drug to be disease-modifying. The trial will enroll 300 patients and includes unique analyses and clinical endpoints. As the trial progresses, we will provide updates, with the first one expected in approximately 12 to 18 months from now.

我們相信我們的資產是獨一無二的，FDA 將評估這種藥物改變疾病的潛力。該試驗將招募 300 名患者，並包括獨特的分析和臨床終點。隨著試驗的進展，我們將提供最新消息，預計第一次最新消息將在大約 12 到 18 個月後發布。

We ended the quarter with $1.1 billion of cash and cash equivalents at the holding company, an additional $700 million of cash at the funds. So as Carl likes to say, we have a significant war chest to take advantage of opportunities as they arise. Lastly, the Board has maintained the quarterly distribution at $0.50 per depositary unit.

本季末，控股公司擁有 11 億美元現金和現金等價物，基金擁有 7 億美元現金。正如卡爾所說，我們擁有充足的資金來抓住出現的機會。最後，董事會維持每存託單位 0.50 美元的季度分配額。

Now turning to our Investment segment, despite the market volatility, we see considerable value creation potential in our portfolio. At AEP, we see new management closing its ROE gap, improving regulatory outcomes, solidifying its balance sheet, and benefiting from tremendous electricity load growth due to AI-driven data center demand.

現在轉向我們的投資部門，儘管市場波動，但我們看到我們的投資組合具有相當大的價值創造潛力。在 AEP，我們看到新管理層正在縮小其 ROE 差距、改善監管結果、鞏固其資產負債表，並受益於人工智慧驅動的資料中心需求帶來的巨大電力負荷成長。

We think electric utilities, particularly AEP, which is operations in real data center hotspots of Texas, Indiana, and Ohio are an excellent way to benefit in the picks and shovels of AI. At SWX, we see a gas utility that is closing its ROE gap to peers, seeing a push towards more favorable rate making in both Nevada and Arizona, and seeing attractive investment opportunities through the potential expansion of its FERC-regulated gas pipeline.

我們認為，電力公司，特別是在德克薩斯州、印第安納州和俄亥俄州的實際資料中心熱點地區運營的 AEP，是從人工智慧中獲益的絕佳方式。在 SWX，我們看到一家天然氣公用事業公司正在縮小其 ROE 與同行的差距，看到其在內華達州和亞利桑那州推行更優惠的費率，並且透過其受 FERC 監管的天然氣管道的潛在擴張看到了有吸引力的投資機會。

During the second quarter, SWX was also able to execute on two sell-downs of Centuri, its Utility Services division, getting the companies closer to a full separation. We believe that Centuri should also see an attractive multiyear growth opportunity, given continued investment in the electrical and gas grids needed to drive all of the infrastructure investment from data centers, electrification, and reshoring.

第二季度，SWX 還成功出售了其公用事業服務部門 Centuri 的兩筆股份，使兩家公司更接近全面分離。我們相信，鑑於對電力和天然氣網路的持續投資將推動資料中心、電氣化和回流等所有基礎設施投資，Centuri 也應該會看到一個有吸引力的多年成長機會。

At Caesars, we have an excellent management team with tremendous owned real estate value and a growing digital business that is deploying its greater-than-15% free cash flow yield to repurchase shares and repay debt. We think the digital business is really underappreciated. In fact, in the second quarter, the digital business grew revenue 24% and EBITDA 100%.

在凱撒，我們擁有一支優秀的管理團隊，他們擁有巨大的房地產價值和不斷增長的數位業務，該業務正在利用其超過 15% 的自由現金流收益率來回購股票和償還債務。我們認為數位業務確實被低估了。事實上，第二季數位業務收入成長了 24%，EBITDA 成長了 100%。

In time, we would expect Caesars Digital business to be unlocked from its current structure if Caesars' share price does not reflect the tremendous value of the business. The funds ended the quarter approximately 2% net long. Adjusting for our refining hedges, the fund was 23% net long.

隨著時間的推移，如果凱撒的股價不能反映出該業務的巨大價值，我們預計凱撒數位業務將從其當前結構中解鎖。本季末，該基金淨多頭部位約 2%。調整我們的煉油對沖後，該基金淨多頭部位為 23%。

And now I will pass it on to Ted to cover our controlled businesses.

現在我將把權力交給泰德來負責我們控制的業務。

Thank you, Andrew. I will start at our Energy segment. Energy segment consolidated EBITDA was negative $24 million for Q2 '25 compared to $103 million in Q2 '24.

謝謝你，安德魯。我先從能源部門開始。2025 年第二季度，能源部門綜合 EBITDA 為負 2,400 萬美元，而 2024 年第二季為 1.03 億美元。

CVR's refining business was negatively impacted by the unfavorable mark-to-market RINs valuation and reduced throughput volumes in connection with the turnaround that was completed earlier in the year. This was offset in part by positive performance in the fertilizer business due to continued high prices and strong utilization.

CVR 的煉油業務受到不利的按市價 RIN 估值和今年早些時候完成的扭虧為盈相關的吞吐量減少的負面影響。但肥料業務因價格持續高企和利用率強勁而表現良好，部分抵消了這一影響。

And now turning to our Auto segment. Q2 '25 Automotive Service revenues decreased by $8 million compared to the prior-year quarter. Same-store revenues were relatively flat as compared to the prior-year quarter. For reference, a quarter ago, this same comparison was down 5%.

現在轉向我們的汽車領域。2025 年第二季汽車服務收入與去年同期相比減少了 800 萬美元。與去年同期相比，同店營收相對持平。作為參考，一個季度前，這一數字下降了 5%。

The positive trajectory is attributed to our continued investment in labor, inventory, equipment, facilities, and marketing. While the top line is improving, we are seeing higher labor costs and operating expenses associated with our continued investment. We anticipate these initiatives will improve long-term profitability.

這一積極的發展軌跡歸功於我們對勞動力、庫存、設備、設施和行銷的持續投資。雖然營業收入正在提高，但我們發現持續投資帶來的勞動成本和營運費用也在增加。我們預計這些措施將提高長期獲利能力。

To give a couple of examples, our shop labor is improving the average ticket price by increasing the number of work order attachments. And we are renovating our facilities at our top-performing stores to enhance customer experience and drive car count.

舉幾個例子，我們的車間工人透過增加工作訂單附件的數量來提高平均票價。我們正在翻新業績最佳商店的設施，以提升客戶體驗並增加汽車數量。

During the quarter, we closed 22 underperforming locations, bringing the total to 44 for the first half of 2025. To offset store closures, we continue to add to our greenfield pipeline in attractive markets and plan on adding 16 locations by the end of the year.

本季度，我們關閉了 22 家表現不佳的門市，使 2025 年上半年門市總數達到 44 家。為了抵​​消門市關閉的影響，我們繼續在有吸引力的市場增加我們的綠地管道，並計劃在年底前增加 16 家門市。

Now turning to our other operating segments. Real Estate's Q2 '25 adjusted EBITDA decreased by $2 million compared to the prior-year quarter. During the quarter, we sold one of our country clubs. This investment has been highly successful over the years as we were able to execute our strategy to build profitable luxury homes and operate an exclusive club, which in turn increased the value of both the club and the surrounding development.

現在轉向我們的其他營運部門。房地產 25 年第二季調整後 EBITDA 與去年同期相比減少了 200 萬美元。本季度，我們出售了一家鄉村俱樂部。多年來，這項投資非常成功，因為我們能夠執行我們的策略，建造有利可圖的豪宅並經營一個專屬俱樂部，這反過來又增加了俱樂部和周邊開發項目的價值。

After years of investing in the club and selling through nearly all of our inventory, we have successfully achieved our strategy and monetized the club. We intend to redeploy this capital to mirror these results in our recently acquired club in Pinehurst, and we continue to seek new opportunities.

經過多年對俱樂部的投資並售出幾乎所有的庫存，我們成功實現了我們的策略並將俱樂部貨幣化。我們打算重新部署這筆資金，以反映我們最近收購的派恩赫斯特俱樂部的這些成果，並且我們將繼續尋找新的機會。

Food Packaging's adjusted EBITDA decreased by $9 million for Q2 '25 as compared to the prior-year quarter. The decrease is primarily due to lower volume, higher manufacturing inefficiencies, and interim disruptive headwinds from the restructuring plan we announced last quarter.

與去年同期相比，食品包裝 25 年第二季的調整後 EBITDA 減少了 900 萬美元。下降的主要原因是產量下降、製造效率低下以及上個季度我們宣布的重組計劃帶來的暫時破壞性阻力。

We anticipate continued operational inefficiencies during the implementation phase, which we expect to be substantially complete by the end of 2025. Both Home Fashion and Pharma's adjusted EBITDA were flat when compared to the prior-year quarter.

我們預計實施階段仍將存在營運效率低下的問題，預計實施階段將於 2025 年底基本完成。與去年同期相比，家居時尚和製藥的調整後 EBITDA 均持平。

And now turning to our liquidity, we maintain liquidity at the holding company and at each of our operating subsidiaries to take advantage of attractive opportunities. As of quarter-end, the holding company had cash and investment in the funds of $3.5 billion. And our subsidiaries had cash and revolver availability of $1.1 billion.

現在談到我們的流動性，我們在控股公司和每個營運子公司保持流動性，以利用有吸引力的機會。截至季末，該控股公司擁有現金和基金投資 35 億美元。我們的子公司擁有 11 億美元的現金和循環信貸額度。

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.

我們繼續專注於建立資產價值和保持流動性，以使我們能夠利用現有營運部門內外的機會。

Thank you. Operator, can you please open up the call for questions?

謝謝。接線生，您能打開電話詢問嗎？

(Operator Instructions) Andrew Berg, Post Advisory Group.

（操作員指示）安德魯·伯格，郵政顧問組。

Hey. Either Andrew or Ted, just a quick question. With respect to the decrease in the cash balance, was most of that -- I'm referring to cash at the holding company level, the $1.86 billion. Was most of that attributable to the increase in the CVR shares? Or can you just help reconcile the change from prior -- last quarter?

嘿。無論是安德魯還是泰德，我只想問一個簡單的問題。關於現金餘額的減少，其中大部分是 - 我指的是控股公司層面的現金，即 18.6 億美元。這是否大部分歸因於 CVR 份額的增加？或者您能否幫助協調與上一季相比的變化？

Yeah. The big drivers of the decrease is we have our interest payments four of the six tranches paid in the quarter. And we also had two of the LP distributions paid. Because in Q1, you don't have one, but it's in Q2. Those are two big drivers and to an extent, the CVR repurchase. But that was about $32 million in the quarter.

是的。造成這一下降的主要原因是，我們在本季度支付了六筆利息中的四筆。我們還支付了兩筆 LP 分配款。因為在 Q1 中你沒有，但它在 Q2 中。這是兩個主要驅動因素，並在一定程度上推動了 CVR 回購。但本季的數字約為 3,200 萬美元。

Okay, perfect. Thank you.

好的，完美。謝謝。

Thank you. And I'm not showing any further questions in the queue. I will turn it back to management for any final comments.

謝謝。並且我不會在隊列中顯示任何其他問題。我將把它交還給管理層，徵求他們的最終意見。

All right. Well, thanks, everyone, for joining. We'll talk to you next quarter.

好的。好吧，謝謝大家的參與。我們將在下個季度與您交談。

Thank you, ladies and gentlemen, for participating in today's conference. You may now disconnect.

女士們、先生們，感謝各位參加今天的會議。您現在可以斷開連線。