Icahn Enterprises LP (IEP) 2026 Q1 法說會逐字稿

Good morning and welcome to the Icahn Enterprises L.P. first-quarter 2026 earnings call with Andrew Tino, President and CEO; Ted Papapostolou, Chief Financial Officer; Robert Flint, Chief Accounting Officer; and Joseph Passeri, Director of SEC Reporting.

早安，歡迎參加 Icahn Enterprises L.P. 2026 年第一季財報電話會議。出席者包括總裁兼執行長 Andrew Tino；財務長 Ted Papapostolou；會計長 Robert Flint；以及 SEC 申報主管 Joseph Passeri。

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

接下來我想把電話交給 Joseph Passeri，由他宣讀開場聲明。

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，接線員。1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）為我們在本簡報中所作的前瞻性陳述提供「安全港」保障，包括關於我們未來表現、業務計畫以及潛在收購的陳述。前瞻性陳述可透過例如「預期（expects）」、「預估（anticipates）」、「意圖（intends）」、「計畫（plans）」、「相信（believes）」、「尋求（seeks）」、「估計（estimates）」、「將（will）」或其他具有類似含義的字詞辨識，並包括但不限於關於 Icahn Enterprises L.P. 及其子公司預期未來業務與財務表現的陳述。

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.

由於我們向美國證券交易委員會（SEC）提交的文件中所討論的各種已知與未知風險、不確定性及其他因素（包括經濟、競爭、法律及其他因素），實際事件、結果與結局可能與我們的預期存在重大差異。因此，無法保證我們的預期將會實現。除法律另有規定外，如情況改變，我們不承擔更新或修訂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.

本簡報亦包含若干非 GAAP 財務衡量指標，包括調整後 EBITDA。此等非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表可於本簡報後段查閱。

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.

我們亦呈列指示性淨資產價值（indicative net asset value）。指示性淨資產價值包括（除其他項目外）若干子公司公允價值的變動，而該等變動並未納入我們的 GAAP 盈利。我們將討論的所有淨利與 EBITDA 金額，除非另有說明，均歸屬於 Icahn Enterprises。

I'll now turn it over to Andrew Teno.

現在我把時間交給 Andrew Teno。

Thank you, Joe, and good morning, everyone. I wanted to say thank you to everyone who I have worked with over the past few years, both before becoming CEO and after. It is an honor and privilege to work with and learn from the living legend of activism in our Chairman, Carl Icahn.

謝謝你，Joe，各位早安。我想向過去幾年與我共事的所有人致謝，無論是在我成為執行長之前或之後。能與我們的董事長 Carl Icahn——這位仍在世的股東行動主義傳奇——共事並向他學習，是一種榮幸與特權。

Over the past few years, we have worked hard to high-grade the investment fund portfolio and to get our controlled operations moving in the right direction. I leave the company knowing that it's in good hands with a significant war chest to take advantage of opportunities as they arise. It's been a pleasure and honor.

過去幾年，我們努力提升投資基金投資組合的品質，並讓我們所控制的營運事業朝正確方向前進。我離開公司時深信公司已交到可靠的團隊手中，並擁有可觀的資金彈藥庫（war chest），以便在機會出現時加以把握。這段經歷既愉快又光榮。

And with that, I will hand it over to Ted, our new CEO. Congratulations, Ted.

在此，我將把時間交給我們的新任執行長 Ted。恭喜你，Ted。

Thank you, Andrew. Before turning to the work ahead, I want to begin by thanking Andrew for his leadership and service to Icahn Enterprises, and wish him continued success in his next chapter. I am honored to take on the role of CEO and excited by the opportunity ahead.

謝謝你，Andrew。在談及未來的工作之前，我想先感謝 Andrew 對 Icahn Enterprises 的領導與貢獻，並祝福他在下一段旅程持續成功。我很榮幸接任執行長一職，也對眼前的機會感到振奮。

Icahn Enterprises has a unique portfolio, a strong heritage of disciplined capital allocation and a culture of accountability and long-term thinking. I look forward to building on that foundation, working closely with Carl and our Board, to continue strengthening the enterprise and executing on our priorities. I also look forward to working with Rob in his new role as CFO. With that, let's get into the results.

Icahn Enterprises 擁有獨特的投資組合、嚴謹資本配置的深厚傳承，以及重視問責與長期思維的文化。我期待在此基礎上持續發展，並與 Carl 及董事會密切合作，持續強化企業並落實我們的優先事項。我也期待與 Rob 在他的新任財務長職務上合作。接下來我們進入業績說明。

First quarter NAV increased by $201 million compared to year-end. The increase was primarily driven by an increase of $605 million in our long position in CVI, which was offset in part by losses on refining hedges of $320 million in our Investment segment, also known as the funds. Regarding CVI, major geopolitical events drove volatility, which have set up attractive market opportunities for the balance of 2026. We believe CVI is well positioned to allow for potential future debt reductions and capital returns to shareholders. We are pleased with CVI's announcement of a $0.10 dividend.

第一季淨資產價值（NAV）較年末增加 2.01 億美元。此增幅主要來自我們在 CVI 的多頭部位增加 6.05 億美元，但部分被我們投資部門（亦稱基金）中煉油避險的 3.20 億美元損失所抵銷。就 CVI 而言，重大地緣政治事件帶來波動，為 2026 年剩餘期間創造了具吸引力的市場機會。我們認為 CVI 具備良好定位，可望支持未來潛在的債務降低與對股東的資本回饋。我們對 CVI 宣布每股 0.10 美元股利感到欣慰。

For Q1, the Investment segment was up approximately 4%, excluding the refining hedges. In terms of our top positions, AEP is an electric utility that benefits from the AI infrastructure build. In the first quarter, the company reaffirmed its 2026 operating EPS outlook and increased its long-term operating earnings CAGR to greater than 9%, supported by 63 gigawatt of incremental contracted load and 11% rate base growth through 2030. AEP stock was up approximately 14% for Q1.

第一季投資部門（不含煉油避險）約上漲 4%。就我們的主要持股而言，AEP 是一家受惠於 AI 基礎設施建置的電力公用事業公司。第一季公司重申其 2026 年營運 EPS 展望，並將長期營運獲利的年複合成長率（CAGR）上調至高於 9%，此成長由新增 63 吉瓦（gigawatt）的增量簽約負載，以及至 2030 年 11% 的費率基礎（rate base）成長所支撐。AEP 股價第一季約上漲 14%。

Centuri reported strong base revenue and gross profit growth of 28% and 50% in Q4. The company also guided to strong double-digit base revenue and gross profit growth for 2026 as it continues to capture the tremendous tailwinds from increased energy infrastructure investment. The stock was up approximately 16% for Q1.

Centuri 在第四季（Q4）基礎營收與毛利分別成長 28% 與 50%，表現強勁。公司亦指引 2026 年基礎營收與毛利將維持強勁的雙位數成長，因其持續掌握能源基礎設施投資增加所帶來的巨大順風。該股第一季約上漲 16%。

IFF continues to execute on its portfolio optimization, running a sale process for its food ingredients business and announcing the completion of its divestiture of the soy crush business. IFF stock was up approximately 8% for Q1.

IFF 持續推進其投資組合優化，正就其食品配料業務進行出售流程，並宣布已完成其大豆壓榨（soy crush）業務的剝離。IFF 股價第一季約上漲 8%。

Caesars reported solid Q1 results with Vegas stabilizing regional sales growing in the low single digits and digital posting strong EBITDA growth of 61%. Caesars is expected to generate significant cash flow in 2026, which we hope to fund meaningful share repurchases and debt paydown. Caesars' stock was up approximately 13% for Q1.

Caesars 公布穩健的第一季（Q1）業績：拉斯維加斯業務趨於穩定，區域市場銷售以低個位數成長，數位業務 EBITDA 則強勁成長 61%。預期 Caesars 將在 2026 年產生可觀的現金流，我們希望用以支持具規模的庫藏股回購與償還債務。Caesars 股價第一季約上漲 13%。

Echostar lowered its total expected tax and decommissioning costs related to its divested assets, which we believe meaningful upside remains for the position with the IPO of SpaceX potentially serving as a material positive catalyst. Echostar stock was up approximately 8% for Q1. As of quarter end, we had approximately $782 million in cash at the funds. Lastly, the Board declared an unchanged distribution at $0.50 per depositary unit.

Echostar 下調了與其已剝離資產相關的總預期稅負及除役成本；我們認為，該部位仍有顯著上行空間，而 SpaceX 的 IPO 可能成為重要的正面催化劑。Echostar 股價在第一季上漲約 8%。截至季末，我們在各基金約有 7.82 億美元現金。最後，董事會宣布每存託單位維持不變的配息，為每單位 0.50 美元。

I will now pass it to Rob to discuss our financial results.

我現在把時間交給 Rob，請他說明我們的財務結果。

Thank you, Ted. For the first quarter of 2026, net loss attributable to IEP was $459 million, or a loss of $0.71 per unit. Our first quarter consolidated results include $425 million of losses on refining hedges in our Investment segment and $158 million of unrealized derivative losses in our Energy segment. Q1 '26 adjusted EBITDA loss attributable to IEP was $216 million compared to adjusted EBITDA loss attributable to IEP of $228 million for the prior year quarter. I will now provide more detail regarding the performance of our individual segments.

謝謝你，Ted。2026 年第一季，歸屬於 IEP 的淨損為 4.59 億美元，或每單位虧損 0.71 美元。我們第一季的合併結果包含投資部門中煉油避險的 4.25 億美元損失，以及能源部門中 1.58 億美元的未實現衍生性商品損失。2026 年第一季歸屬於 IEP 的調整後 EBITDA 虧損為 2.16 億美元，較去年同期歸屬於 IEP 的調整後 EBITDA 虧損 2.28 億美元有所改善。接下來我將就各個事業部門的表現提供更多細節。

The Investment Funds had a positive return of 4.4% for the quarter, excluding refining hedges. Including the refining hedges, the funds had a negative return of 8.2% for the quarter. Long and other positions had a net positive performance attribution of 4.1% and short positions had a negative performance attribution of 12.9%. The investment funds had a net short notional exposure of 29% at the end of the quarter compared to net short of 13% at year-end. Excluding our refining hedges, the funds had a net short notional exposure of 2% as of quarter end compared to net long of 19% at year-end. Our investment in the funds was approximately $2.2 billion as of quarter end.

投資基金本季（不含煉油避險）報酬為正 4.4%。若包含煉油避險，基金本季報酬為負 8.2%。多頭及其他部位的績效歸因淨貢獻為正 4.1%，空頭部位的績效歸因為負 12.9%。本季末投資基金的名目淨空曝險為 29%，相較於年末名目淨空 13%。若排除我們的煉油避險，截至季末基金名目淨空曝險為 2%，相較於年末名目淨多 19%。截至季末，我們對基金的投資約為 22 億美元。

Moving to our Energy segment, Energy segment adjusted EBITDA attributable to IEP was negative $5 million for Q1 '26 compared to negative $6 million for Q1 '25. The first-quarter refining operations were solid with crude utilization of 97%, although margins were weighed down by higher RFS obligation costs and unrealized derivative losses. The Fertilizer segment had strong results driven by robust demand for the spring planting season. We believe that CVI's assets are well positioned to benefit from the global tightness in refined product and nitrogen fertilizer.

接著看我們的能源部門，2026 年第一季歸屬於 IEP 的能源部門調整後 EBITDA 為負 500 萬美元，較 2025 年第一季的負 600 萬美元略有改善。第一季煉油營運表現穩健，原油開工率為 97%，但利差受到較高的 RFS 義務成本及未實現衍生性商品損失的拖累。肥料部門在春耕季節強勁需求帶動下，表現亮眼。我們認為，CVI 的資產具備良好定位，可受惠於全球成品油與氮肥供給偏緊的環境。

Now, turning to our Automotive segment, Q1 '26 Automotive Services revenues decreased by $9 million compared to the prior year quarter, primarily driven by closure of stores during the balance of 2025, offset in part by increased price. Same-store sales paints a better picture having increased by approximately 2% as compared to the prior year quarter. We are pleased with this positive revenue trajectory, but there's still a lot more work to be done. We continue to focus our efforts on product, pricing, labor and distribution strategy.

再來看汽車部門，2026 年第一季汽車服務營收較去年同期減少 900 萬美元，主要因 2025 年其餘期間關閉門市所致，部分由價格上調所抵銷。同店銷售呈現較佳情況，較去年同期增加約 2%。我們對這個正向的營收走勢感到滿意，但仍有許多工作要做。我們將持續聚焦於產品、定價、人力與配送策略。

Now, turning to all other operating segments, Real Estate's Q1 '26 adjusted EBITDA increased by $18 million compared to the prior year quarter. The increase is primarily driven by income from the assets that were transferred from the Automotive segment, of which $9 million is intercompany income from the auto segment and $2 million from third-party tenants. Food Packaging's adjusted EBITDA attributable to IEP decreased by $6 million for Q1 '26 as compared to the prior year quarter. The decrease is primarily due to lower volume and disruptive headwinds from the restructuring plan.

接著看其他所有營運部門，不動產部門 2026 年第一季調整後 EBITDA 較去年同期增加 1,800 萬美元。增加主要來自自汽車部門移轉過來的資產所產生的收入，其中 900 萬美元為來自汽車部門的公司內部收入，另有 200 萬美元來自第三方承租戶。食品包裝部門 2026 年第一季歸屬於 IEP 的調整後 EBITDA 較去年同期減少 600 萬美元。減少主要由於出貨量下降，以及重整計畫帶來的干擾性逆風。

Home Fashion's adjusted EBITDA decreased by $2 million when compared to the prior year quarter primarily due to softening demand in retail and hospitality business and supply chain disruptions in the Strait of Hormuz. Pharma's adjusted EBITDA decreased by $10 million when compared to the prior year quarter, primarily due to the reduced sales resulting from generic competition in the anti-obesity prescriptions and increased R&D expenses related to our ongoing pivotal drug trials. The Transocean trial preparation for our PAH drug is on schedule, and the first patient will be dosed in the next 60 to 90 days. The physician community remains excited by the potential for disease-modifying designation.

家居時尚部門的調整後 EBITDA 較去年同期減少 200 萬美元，主要因零售與旅宿業需求轉弱，以及荷莫茲海峽供應鏈中斷。製藥部門的調整後 EBITDA 較去年同期減少 1,000 萬美元，主要因抗肥胖處方藥面臨學名藥競爭導致銷售下滑，以及與我們正在進行的關鍵性藥物試驗相關的研發費用增加。我們針對 PAH 藥物的 Transocean 試驗準備工作按計畫進行，預計未來 60 至 90 天內將對第一位病患給藥。醫師社群仍對取得疾病修飾（disease-modifying）認定的潛力感到振奮。

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 $2.8 billion, and our subsidiaries had cash and revolver availability of $1.3 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.

接著談我們的流動性，我們在控股公司以及各營運子公司維持流動性，以把握具吸引力的機會。截至季末，控股公司持有現金及對基金的投資合計 28 億美元，而子公司持有現金及循環信貸額度可用額度合計 13 億美元。我們將持續專注於提升資產價值並維持流動性，使我們能在現有營運部門內外把握機會。

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

謝謝。接線員，請開放提問。

(Operator Instructions) As I see no questions in the queue, I will pass it back to Ted Papapostolou for closing comments.

（接線員指示）我看到目前佇列中沒有問題，我將把時間交回給 Ted Papapostolou 作結語。

Thank you, everyone, and looking forward to our next update call.

謝謝各位，期待我們下一次的更新電話會議。

This concludes our conference. Thank you for participating, and you may now disconnect

本次電話會議到此結束。感謝各位參與，您現在可以掛線。