Icahn Enterprises LP (IEP) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Icahn Enterprises L.P. third quarter 2025 earnings call with Andrew Teno, President and CEO; Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.

早安，歡迎參加 Icahn Enterprises L.P. 2025 年第三季財報電話會議，出席會議的有總裁兼執行長 Andrew Teno、財務長 Ted Papapostolou 和首席會計長 Robert Flint。現在我將把電話交給羅伯特·弗林特，他將宣讀開幕詞。

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

謝謝接線生。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。前瞻性陳述可以透過諸如預期、預計、打算、計劃、相信、尋求、估計、將等詞語或類似含義的詞語來識別，包括但不限於有關 Icahn Enterprises L.P. 及其子公司的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. 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.

實際事件、結果和成果可能與我們的預期有重大差異，這是由於我們在提交給美國證券交易委員會的文件中討論的各種已知和未知風險、不確定性和其他因素造成的，包括經濟、競爭、法律和其他因素。因此，我們無法保證我們的期望能夠實現。除法律另有規定外，我們不承擔因情況變化而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.

本次演示也包括一些非GAAP財務指標，包括調整後的EBITDA。本簡報的背面提供了此類非GAAP財務指標與最直接可比較的GAAP財務指標的調節表。

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.

我們也列示了指示性淨值。指示性淨值包括（但不限於）某些子公司的公允價值變動，這些變動未計入我們的GAAP收益。除非另有說明，否則我們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。

Thank you, Rob, and good morning, everyone. We had a good third quarter. NAV increased $567 million. CVI, net of refining hedges, increased NAV by $547 million, and the funds, excluding refining hedges were up approximately 5%. For CVI, the outperformance was driven by three factors: the continued conflict in Ukraine, increased crack spreads and most importantly, the resolution of our small refinery exemptions from 2019 to 2024 and which removed a $488 million liability from the CVI balance sheet.

謝謝你，羅布，大家早安。我們第三季表現不錯。淨資產價值增加5.67億美元。 CVI，扣除煉油對沖後，淨資產值增加了 5.47 億美元，扣除煉油對沖後，基金增加了約 5%。對 CVI 而言，業績優異主要受三個因素驅動：烏克蘭持續衝突、裂解價差擴大，以及最重要的是，我們小型煉油廠豁免條款從 2019 年到 2024 年得到解決，這使得 CVI 的資產負債表上減少了 4.88 億美元的負債。

Going forward, our hope is that the Trump administration and the EPA will continue to grant small refineries, the exemptions they deserve. And to be clear, we believe that Wynnewood is entitled to receive 100% exemptions going forward.

展望未來，我們希望川普政府和美國環保署能夠繼續給予小型煉油廠應得的豁免。需要明確的是，我們認為 Wynnewood 今後有權獲得 100% 的豁免。

Turning to the funds. We were up approximately 5%, excluding refining hedges. The big winner for the quarter was our investment in EchoStar and big detractors were the broad market and refining hedges. In terms of our top positions. AEP is an electric utility that is benefiting from the AI infrastructure buildout.

接下來談談資金問題。不計對沖收益，我們上漲了約 5%。本季最大的贏家是我們對 EchoStar 的投資，而最大的拖累因素是整體市場和煉油對沖。就我們的領先地位而言。AEP是一家受益於人工智慧基礎設施建設的電力公司。

Importantly, not all electric utilities will benefit the same from the AI build-out. In order to be a winner, you need to have four things: The right jurisdictions, the right assets, enough scale and a hungry management team. AEP checks all those boxes. AEP has sizable operations in the data center hotspots of Texas, Indiana, Oklahoma and Ohio, which have available land and low power prices.

重要的是，並非所有電力公司都能從人工智慧的建設中獲得相同的益處。要成為贏家，你需要具備四樣東西：正確的司法管轄區、正確的資產、足夠的規模和一支充滿幹勁的管理團隊。AEP完全符合這些條件。AEP 在德州、印第安納州、俄克拉荷馬州和俄亥俄州等資料中心熱點地區擁有龐大的業務，這些地區土地資源豐富，電力價格低廉。

AEP had the right assets given its 55% mix of earnings from transmission which enables timely recovery on investments and the ability to build new generation across multiple jurisdictions to support the increasing power needs. Scale is important because investments in new power generation are large dollars, a $3 billion investment can be too big for smaller entities to fund. With a greater than $60 billion market cap, AEP has the necessary scale. And lastly, you need to have a management team that is hungry that wants to win thinks creatively and matches the intensity of the customer base. Under the leadership of the new CEO and CFO at AEP, we believe we are in excellent hands.

AEP擁有合適的資產，其55%的收益來自輸電業務，這使得公司能夠及時收回投資，並有能力在多個司法管轄區建設新的發電設施，以滿足不斷增長的電力需求。規模很重要，因為新發電設施的投資金額龐大，30億美元的投資對於規模較小的實體來說可能太大了，難以承擔。AEP市值超過600億美元，具備必要的規模。最後，你需要一支充滿幹勁、渴望勝利、思維創新且能與客戶群需求相符的管理團隊。我們相信，在AEP新任執行長和財務長的領導下，公司發展前景良好。

Turning to Southwest Gas. SWX has recently completed its full separation from Centuri and now has an absolutely best-in-class balance sheet. The company should grow earnings faster than (inaudible) gas utilities given recent legislation and policies in both of its key jurisdictions that enable more timely recovery on investments. Southwest Gas also has a potential significant pipeline expansion for data center, power gen and industrial users in Northern Nevada. With both growth drivers, two research analysts recently predicted that SWX could grow net income at a 14% CAGR between 2025 and 2029 when many peers will be in the 6% to 8% range.

轉向西南天然氣公司。SWX 近期已完成與 Centuri 的完全分離，現在擁有業內頂尖的資產負債表。鑑於其兩個主要司法管轄區最近的立法和政策能夠使投資得到更及時的回收，該公司的盈利增長速度應該會超過（聽不清楚）天然氣公用事業公司。西南天然氣公司在內華達州北部還有可能進行大規模的管道擴建，服務於資料中心、發電廠和工業用戶。兩位研究分析師最近預測，在這兩大成長動力的推動下，SWX 的淨利潤在 2025 年至 2029 年間的複合年增長率可能達到 14%，而許多同業的複合年增長率則在 6% 至 8% 之間。

For EchoStar, we were attracted to the asymmetric upside driven by the highly valuable spectrum assets. The recent deals to sell spectrum to AT&T and SpaceX highlight that value with the stock having increased from the teens in June to approximately $75 per share as of quarter end. We think there is still considerable upside remaining.

對於 EchoStar，我們被其高價值頻譜資產帶來的不對稱成長潛力所吸引。最近向 AT&T 和 SpaceX 出售頻譜的交易凸顯了該公司的價值，其股價已從 6 月的十幾美元上漲到季度末的每股約 75 美元。我們認為仍有相當大的上漲空間。

IFF is a high-quality consumer staple company. The refreshed management team's focus on high-growth and innovation-led businesses has enabled IFF to streamline its portfolio rightsize its balance sheet and restore financial flexibility to invest in R&D and return cash to shareholders. With the company continuing to drive improvement within the food ingredients business, IFF is near an inflection point that will enable it to close its discount to peers.

IFF是一家高品質的消費必需品公司。煥然一新的管理團隊專注於高成長和創新驅動型業務，使 IFF 能夠精簡其投資組合，調整資產負債表規模，恢復財務靈活性，從而投資研發並向股東返還現金。隨著公司不斷推動食品配料業務的改進，IFF 即將迎來一個轉折點，這將使其能夠縮小與同行之間的價格差距。

For Caesars, no doubt we have been disappointed with the recent performance, but our thesis is unchanged. We see considerable owned real estate value a growing high-quality digital business at the early stages of an iCasino rollout across the country and significant free cash flow being used to repurchase shares.

對於凱撒娛樂來說，毫無疑問，我們對近期的業績感到失望，但我們的觀點並沒有改變。我們看到，公司擁有相當可觀的房地產價值，其高品質的數位業務正處於全國推廣 iCasino 的早期階段，並且公司利用大量的自由現金流回購股票。

I would also like to mention our recent 13D filing related to an investment in Monroe, which has approximately 1,100 auto service locations across the US. We think Monroe is an attractive investment opportunity and look forward to discussing more in future calls.

我還想提一下我們最近提交的與對 Monroe 的投資相關的 13D 文件，Monroe 在美國擁有大約 1100 個汽車服務點。我們認為門羅公司是一個很有吸引力的投資機會，期待在未來的電話會議中進一步討論。

And now I would like to pass it on to Ted to discuss our controlled businesses.

現在我想把話題交給泰德，讓他來討論我們控制的企業。

Thank you, Andrew. I will start at our Energy segment. Andrew has already touched on the major highlights. I'll just add that the energy segment consolidated EBITDA was $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24. Moving to our Automotive segment.

謝謝你，安德魯。我將從能源板塊開始。安德魯已經提到了主要亮點。我還要補充一點，2025 年第三季能源部門合併 EBITDA 為 6.25 億美元，而 2024 年第三季虧損 3,500 萬美元。接下來我們進入汽車板塊。

Q3 '25 automotive service revenues increased by $11 million compared to the prior year quarter. We are pleased with the same-store sales performance with revenue increasing by $21 million or 6% as compared to the prior year quarter. As we fine-tune our product, pricing, labor and distribution strategies, we believe enhanced profitability will follow.

2025 年第三季汽車服務營收比上年同期成長 1,100 萬美元。我們對同店銷售業績感到滿意，營收比去年同期成長了 2,100 萬美元，增幅達 6%。隨著我們對產品、定價、勞動力和分銷策略的不斷優化，我們相信獲利能力將會提高。

We've also made significant changes to our store footprint. During the last 12 months, we closed a total of 89 underperformers, of which 20 came subsequent to Q3 '25 and we opened 14 new locations. We will continue to analyze our footprint and close and open locations where appropriate.

我們也對門市佈局進行了重大調整。在過去的 12 個月裡，我們總共關閉了 89 家業績不佳的門市，其中 20 家是在 2025 年第三季之後關閉的，同時我們開設了 14 家新門市。我們將繼續分析我們的業務佈局，並在適當的時候關閉或開設新的門市。

Subsequent to quarter end, we transferred the vast majority of our owned properties out of the Automotive segment into our Real Estate segment. We believe this move will help unlock the value of both our real estate and auto service operations. Now turning to the other operating segments.

季度末之後，我們將絕大部分自有資產從汽車業轉移到了房地產業。我們相信此舉將有助於釋放我們房地產和汽車服務業務的價值。現在來看其他營運部門。

Real Estate Q3 '25 adjusted EBITDA decreased by $12 million compared to the prior year quarter. This decrease was primarily due to the sale of our Country Club earlier this year. We expect EBITDA to increase in the second half of 2026 as we ramp up construction at our existing club and surrounding development. During the quarter, we closed on certain properties for a pretax gain of $223 million.

2025 年第三季房地產業務調整後 EBITDA 比上年同期減少了 1,200 萬美元。這一下降主要是由於我們今年早些時候出售了鄉村俱樂部。我們預計，隨著現有俱樂部及週邊開發項目建設的加速推進，2026 年下半年 EBITDA 將有所成長。本季度，我們完成了某些房產的收購，稅前收益為 2.23 億美元。

Food Packaging's adjusted EBITDA decreased by $8 million for Q3 '25 as compared to the prior year quarter. The decrease is primarily due to lower volume, higher manufacturing inefficiencies and disruptive headwinds from the restructuring plan. We expect the restructuring plan to impact results until its completion, which is now expected to be during Q2 '26.

食品包裝業務2025年第三季的調整後EBITDA比上年同期減少了800萬美元。下降的主要原因是銷售下降、生產效率低下以及重組計劃帶來的不利影響。我們預計重組計劃將對業績產生影響，直至完成，目前預計完成時間為 2026 年第二季。

Home Fashion's adjusted EBITDA decreased by $4 million when compared to the prior year quarter, primarily due to softening demand in our US retail and hospitality business. Pharma's adjusted EBITDA decreased by $7 million when compared to the prior year quarter, primarily due to reduced sales resulting from generic competition in the anti-obesity market.

家居時尚業務的調整後 EBITDA 與去年同期相比減少了 400 萬美元，主要原因是美國零售和酒店業務的需求疲軟。與去年同期相比，製藥公司調整後的 EBITDA 減少了 700 萬美元，主要原因是抗肥胖藥物市場仿製藥競爭導致銷售額下降。

We are excited about our developmental drug for PAH. We finalized our partner for the CRO and have named the trial TRANSCEND. The trial will consist of approximately 90 sites across the globe with total enrollment of 300 patients. The first patient is to be dosed during Q1 2026. If this product obtains approval, it potentially will be the first disease-modifying product for the treatment of patients suffering from PAH.

我們對我們的肺動脈高壓研發藥物感到非常興奮。我們最終確定了 CRO 合作夥伴，並將試驗命名為 TRANSCEND。該試驗將在全球約 90 個地點進行，總共招募 300 名患者。首例患者將於 2026 年第一季接受給藥。如果該產品獲得批准，它有可能成為第一個用於治療肺動脈高壓患者的疾病改善產品。

And now 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 $3.4 billion and our subsidiaries had cash and revolver availability of $1.2 billion. 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. Thank you.

接下來談談我們的流動性。我們在控股公司和每個營運子公司都保持流動性，以便抓住有利的機會。截至季末，控股公司擁有現金和投資基金 34 億美元，我們的子公司擁有現金和循環信貸額度 12 億美元。我們將繼續專注於提升資產價值和保持流動性，以便能夠掌握現有營運部門內外的各種機會。謝謝。

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

接線員，請開啟提問環節。

(Operator Instructions)

（操作說明）

Alright, I will turn the call back to Andrew Teno for final comments.

好的，現在我把電話轉回給安德魯·特諾，請他做最後的總結發言。

Thank you very much. Thank you, everyone, for joining. And I'd like to leave with a reminder that here at Icahn Enterprises, we are intensely focused on our activism strategy. We have unique advantages including the Icon brand name and a long history and willingness to wage proxy contests. It is this track record which frequently allows us to be invited to join boards and work cooperatively with our fellow directors to make the key changes that will drive shareholder value.

非常感謝。謝謝大家的參與。最後，我想提醒大家，在伊坎企業，我們非常重視我們的社會活動策略。我們擁有獨特的優勢，包括 Icon 品牌名稱、悠久的歷史以及參與代理權爭奪的意願。正是憑藉著這項過往業績，我們經常受邀加入董事會，並與董事們合作，做出能夠提升股東價值的關鍵變革。

Furthermore, given our balance sheet, liquidity, and permanent capital structure, we have the ability to tender for entire businesses, a tool most simply do not possess. Though our returns can be lumpy and dissatisfying at times, and again this quarter, they were quite good. We continue to focus on our activist efforts at both our investment segment and controlled businesses, and we believe they will bear fruit for all unit holders. Speak soon.

此外，鑑於我們的資產負債表、流動性和永久資本結構，我們有能力對整個企業進行投標，而大多數企業根本不具備這種能力。雖然我們的收益有時可能不穩定且令人不滿意，但本季收益相當不錯。我們將繼續專注於我們在投資部門和控股業務中的維權行動，我們相信這些行動將為所有單位持有人帶來成果。回頭再聊。

Thank you. And with that, we conclude our conference for today. Thank you for participating, and you may now disconnect.

謝謝。至此，我們今天的會議就結束了。感謝您的參與，您現在可以斷開連接了。