Icahn Enterprises LP (IEP) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Icahn Enterprises LP second quarter 2026 earnings call with Ted Papapostolou, President and CEO; Robert Flint, Chief Financial Officer; and Joseph Passeri, Director of SEC Reporting.

早安，歡迎參加 Icahn Enterprises LP 2026 年第二季財報電話會議。出席者包括總裁暨執行長 Ted Papapostolou、財務長 Robert Flint，以及 SEC 申報總監 Joseph Passeri。

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

現在我想把電話交給 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 the expected future business and financial performance of Icahn Enterprises LP and its subsidiaries.

謝謝，接線員。1995 年《私人證券訴訟改革法》為我們在本簡報中所作的前瞻性陳述提供「安全港」保護，包括關於我們未來表現、業務計畫以及潛在收購的陳述。前瞻性陳述可由「預期、估計、打算、計畫、相信、尋求、推估、將」或類似含義的字詞辨識，並包括但不限於關於 Icahn Enterprises LP 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有重大差異。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之 GAAP 財務衡量指標的調節表，可於本簡報末尾查閱。

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（其中包括）若干子公司公允價值變動，而該等變動未納入我們的 GAAP 盈利。除非另有說明，我們將討論的所有淨利與 EBITDA 金額均歸屬於 Icahn Enterprises。

I'll now turn it over to Ted.

我現在把時間交給 Ted。

Thank you, Joe. Q2 NAV decreased by $765 million compared to Q1. The decrease was primarily driven by the funds of $243 million and CVI of $435 million. Included in Q2 NAV is an estimated gain of approximately $100 million from the expected sale of Pep Boys. Updating just for market value subsidiaries and investments for the month of July, NAV increased by $268 million due to an increase from CVI of $575 million and the funds decreased by approximately $312 million.

謝謝你，Joe。第二季 NAV 較第一季減少 7.65 億美元。此下降主要由基金（2.43 億美元）與 CVI（4.35 億美元）所驅動。第二季 NAV 中包含一項估計收益約 1 億美元，來自 Pep Boys 預期出售。若僅就 7 月份之市值型子公司與投資按市價更新，NAV 增加 2.68 億美元，原因為 CVI 增加 5.75 億美元，而基金約減少 3.12 億美元。

During the second quarter, CVI experienced a leadership transition following the departure of its CEO for personal reasons. CVI benefited from a deep bench of experienced leaders and the transition has been managed seamlessly. The company's strategic direction, operational priorities and commitment to creating shareholder value remain firmly intact.

在第二季期間，CVI 因其執行長基於個人原因離任而經歷領導階層交接。CVI 受惠於一支經驗豐富的領導團隊，交接已順利無縫完成。公司之策略方向、營運優先事項以及致力於創造股東價值的承諾仍然堅定不變。

Looking ahead, major geopolitical developments continue to contribute to volatility across energy markets. While these dynamics can create near-term uncertainty, they have also established attractive market opportunities for the balance of 2026. We believe CVI is well positioned to capitalize on these opportunities. We were pleased to see CVI declare a $0.10 per share dividend.

展望未來，重大地緣政治發展持續為能源市場帶來波動。雖然這些動態可能造成短期不確定性，但也為 2026 年剩餘期間建立了具吸引力的市場機會。我們相信 CVI 已做好充分準備把握這些機會。我們也很高興看到 CVI 宣布每股 0.10 美元的股利。

We are also pleased to have entered into a definitive agreement in July to sell Pep Boys for $700 million, subject to customary closing and purchase price adjustments. This transaction represents the culmination of years of hard work and disciplined execution by our leadership team and thousands of dedicated employees across the organization.

我們也很高興於 7 月簽訂具約束力的最終協議，以 7 億美元出售 Pep Boys，但仍須符合慣例之交割條件及購買價格調整。此交易代表我們領導團隊與全體組織內數千名敬業員工多年努力與嚴謹執行的成果。

Through a multiyear transformation plan, we strengthened the business and positioned Pep Boys as a more profitable and valuable enterprise. We believe this transaction validates the progress made over that period and represents the successful realization of our efforts to create value.

透過一項多年期轉型計畫，我們強化了業務，並將 Pep Boys 定位為更具獲利能力與更高價值的企業。我們相信此交易驗證了該期間所取得的進展，並代表我們創造價值努力的成功實現。

As part of the transaction, IEP will retain the owned real estate previously transferred from Pep Boys as well as the franchise businesses and certain retained liabilities, including supercenter leases. Following the closing, Pep Boys is expected to continue leasing most of these locations from IEP, creating an ongoing landlord tenant relationship.

作為交易的一部分，IEP 將保留先前自 Pep Boys 轉移之自有不動產，以及加盟業務與若干保留負債，包括超級中心（supercenter）租賃。交割後，預期 Pep Boys 將持續向 IEP 租賃其中多數據點，形成持續的房東—承租人關係。

Importantly, the transaction is expected to provide significant financial flexibility. While we continue to evaluate the most effective use of proceeds, we currently anticipate that a portion will be used to address the upcoming debt maturities, further strengthening our balance sheet and enhancing our ability to capitalize on future opportunities. The Board declared unchanged distribution at $0.50 per depository unit.

重要的是，該交易預期將提供顯著的財務彈性。在我們持續評估最有效的資金運用方式之際，目前預期其中一部分將用於因應即將到期的債務，進一步強化資產負債表，並提升我們把握未來機會的能力。董事會宣布每單位存託單位（depository unit）配息維持不變，為 0.50 美元。

In terms of our top positions within our funds, Centuri reported base revenue and gross profit growth of 36% and 21% in Q2. The company announced an acquisition of a premier provider of mechanical and electrical construction services. The stock was up approximately 4% for Q2.

就我們基金中的主要持倉而言，Centuri 在第二季的基礎營收與毛利分別成長 36% 與 21%。公司宣布收購一家頂尖的機械與電氣施工服務供應商。該股票第二季上漲約 4%。

IFF continues to execute on its portfolio optimization, announcing it entered into an agreement to sell its food ingredients business and its portfolio of botanical extracts vitamins and minerals and food enhancement. IFF stock was up approximately 9% for Q2.

IFF 持續執行其投資組合優化，並宣布已達成協議出售其食品配料業務，以及其植物萃取物、維生素與礦物質及食品增味（food enhancement）產品組合。IFF 股票第二季上漲約 9%。

Caesars reported Q2 results with strong regional and digital performance with high hold in Vegas. Caesars' stock was up approximately 14% for Q2.

Caesars 公布第二季業績，區域市場與數位業務表現強勁，且拉斯維加斯的 hold（贏率）偏高。Caesars 股票第二季上漲約 14%。

EchoStar announced the completion of its license purchase agreement with AT&T. EchoStar's stock was down approximately 13% for Q2.

EchoStar 宣布已完成其與 AT&T 的授權購買協議。EchoStar 股票第二季下跌約 13%。

JetBlue reported solid Q2 results, growing revenue per available seat mile by approximately 11%, while operating expenses per available seat mile, excluding fuel, increased by approximately 2%. JetBlue's stock was up approximately 30% for Q2.

JetBlue 公布穩健的第二季業績，每可用座位英里收入（RASM）成長約 11%，而每可用座位英里營運費用（CASM，不含燃油）增加約 2%。JetBlue 股票第二季上漲約 30%。

I will now pass it to Rob to talk financial results.

我現在把時間交給 Rob，請他說明財務結果。

Thank you, Ted. For the second quarter of 2026, net loss attributable to IEP was $355 million or a loss of $0.52 per unit. Net loss attributable to IEP was $165 million or a loss of $0.30 per unit in the prior year quarter. Q2 '26 adjusted EBITDA loss attributable to IEP was $134 million compared to adjusted EBITDA attributable to IEP of $40 million for the prior year quarter.

謝謝你，Ted。2026 年第二季，歸屬於 IEP 的淨損為 3.55 億美元，或每單位虧損 0.52 美元。去年同期，歸屬於 IEP 的淨損為 1.65 億美元，或每單位虧損 0.30 美元。2026 年第二季歸屬於 IEP 的調整後 EBITDA 虧損為 1.34 億美元，相較之下，去年同期歸屬於 IEP 的調整後 EBITDA 為 4,000 萬美元。

I'll now provide more detail regarding the performance of our individual segments.

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 negative return of 7.7% for the quarter, excluding the refining hedges. Including the refining hedges, the funds had a negative return of 10.9% for the quarter. Long positions had a net positive performance attribution of 3.9% and short positions had a negative performance attribution of 15.5%. The funds had a net short notional exposure of 30% at quarter end compared to net short of 29% as of prior quarter end.

本季投資基金（不含煉油避險）報酬率為負 7.7%。若包含煉油避險，基金本季報酬率為負 10.9%。多頭部位的績效歸因淨貢獻為正 3.9%，空頭部位的績效歸因為負 15.5%。季末基金名目曝險為淨空 30%，相較於前一季季末的淨空 29%。

Excluding our refining hedges, the funds had a net long notional exposure of 23% as of quarter end compared to net short of 2% as of prior quarter end.

若不計入我們的煉油避險，季末基金名目曝險為淨多 23%，相較於前一季季末的淨空 2%。

Our investment in the funds was approximately $2 billion as of quarter end and had approximately $741 million in cash.

截至季末，我們對該等基金的投資約為 20 億美元，並持有約 7.41 億美元現金。

Moving to our Energy segment. Energy segment adjusted EBITDA attributable to IEP was $102 million for Q2 '26 compared to $40 million in Q2 '25. The second quarter refining operations were solid with crude utilization over 98%, although margins were weighed down by higher RFS obligation costs. The Fertilizer segment had strong results driven by robust demand for the spring planting season.

接著談我們的能源事業部。2026 年第二季，歸屬於 IEP 的能源事業部調整後 EBITDA 為 1.02 億美元，較 2025 年第二季的 4,000 萬美元增加。第二季煉油營運表現穩健，原油利用率超過 98%，但利差受到較高的 RFS 義務成本所拖累。肥料事業部在春耕季節強勁需求帶動下，表現亮眼。

We are pleased with CVR's announcement of a $0.10 dividend and continue to believe that CVI's assets are well positioned to benefit from the global tightness in refined product and nitrogen fertilizer.

我們樂見 CVR 宣布每股 0.10 美元股利，並持續相信 CVI 的資產具備良好定位，可受惠於全球成品油與氮肥供應偏緊的環境。

Now turning to our Automotive segment. Q2 '26 automotive service revenues decreased by $14 million compared to the prior year quarter, primarily driven by the closure of stores during the balance of 2025 and offset in part by improved pricing. Same-store sales were flat compared to the prior year quarter.

現在轉到汽車事業部。2026 年第二季汽車服務營收較去年同期減少 1,400 萬美元，主要因 2025 年其餘期間門市關閉所致，部分由價格改善所抵銷。同店銷售與去年同期持平。

Looking ahead, we anticipate the sale of Pep Boys will close during the third quarter. As part of the transaction, we will retain the AAMCO and Precision Tune Auto Care franchise businesses, which we believe have significant long-term value as well as certain supercenter leases that we expect will become part of our Real Estate segment.

展望未來，我們預期 Pep Boys 的出售將於第三季完成交割。作為交易的一部分，我們將保留 AAMCO 與 Precision Tune Auto Care 的加盟業務；我們認為其具備顯著的長期價值；同時也將保留部分超級中心（supercenter）租約，預期將納入我們的不動產事業部。

For these assumed supercenter locations, Pep Boys will enter into subleases for the portion of the location in which it will operate while we retain the ability to lease excess and available space to third-party tenants. Following the closing, our Real Estate segment is expected to include more than 400 owned and leased locations with Pep Boys serving as the primary tenant.

就這些預計承接的超級中心據點而言，Pep Boys 將就其營運所使用的場地部分簽訂轉租（sublease），而我們則保留將多餘及可用空間出租給第三方承租人的能力。交割完成後，我們的不動產事業部預期將包含超過 400 個自有與承租據點，並由 Pep Boys 擔任主要承租人。

Now turning to all other operating segments. Real Estate's Q2 '26 adjusted EBITDA increased by $9 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 rent from Pep Boys and $2 million from third-party tenants.

接著談其他所有營運事業部。不動產事業部 2026 年第二季調整後 EBITDA 較去年同期增加 900 萬美元。增加主要來自自汽車事業部移轉的資產所產生的收入，其中 900 萬美元為來自 Pep Boys 的關係企業租金，另有 200 萬美元來自第三方承租人。

Food Packaging's adjusted EBITDA attributable to IEP decreased by $2 million for Q2 '26 as compared to prior year quarter. The decrease is primarily due to lower volume and continued disruptive headwinds from the restructuring plan.

2026 年第二季，歸屬於 IEP 的食品包裝事業部調整後 EBITDA 較去年同期減少 200 萬美元。減少主要由於出貨量下降，以及重整計畫帶來的持續干擾性逆風。

Home Fashion's adjusted EBITDA decreased by $1 million when compared to the prior year quarter primarily due to softening demand in our hospitality business and continued supply chain disruptions in the Strait of Hormuz.

家居時尚事業部調整後 EBITDA 較去年同期減少 100 萬美元，主要因我們的旅宿（hospitality）業務需求轉弱，以及荷姆茲海峽供應鏈持續受干擾。

Pharma's adjusted EBITDA decreased by $14 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 one site active and patients qualified pending final consents, a second site in the patient-prescreening step and additional 12 sites in contracting.

製藥事業部調整後 EBITDA 較去年同期減少 1,400 萬美元，主要因我們的抗肥胖藥物治療面臨學名藥競爭導致銷售下滑，以及與持續進行的關鍵性藥物試驗相關的研發費用增加。我們 PAH 藥物的 TRANSCEND 試驗準備工作仍按計畫進行：目前已有 1 個試驗中心啟動，患者已完成資格審核並待最終同意；第 2 個中心處於患者預篩選階段；另有 12 個中心正在簽約中。

Now turning to our liquidity. We maintain liquidity at the holding company and at our operating segments to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $2.4 billion, and our subsidiaries had cash and revolver availability of $1.4 billion. Subsequent to quarter end, our investment in the funds declined to approximately $1.7 billion as of the end of July, resulting in holding company liquidity of roughly $2 billion.

接下來談我們的流動性。我們在控股公司層級及各營運事業部維持流動性，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投資合計 24 億美元，而子公司持有現金及循環信貸（revolver）可用額度合計 14 億美元。季末之後，截至 7 月底我們對基金的投資降至約 17 億美元，使控股公司流動性約為 20 億美元。

Looking ahead, we expect the sale of Pep Boys to close during the third quarter, further enhancing our liquidity and providing flexibility to address our upcoming 2027 notes maturities and strengthen the balance sheet. 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.

展望未來，我們預期 Pep Boys 的出售將於第三季完成交割，進一步提升我們的流動性，並提供彈性以因應 2027 年到期的票據並強化資產負債表。我們將持續專注於提升資產價值並維持流動性，使我們能在既有營運事業部內外把握機會。

This concludes our presentation of second quarter results, and we look forward to our update next quarter. Thank you.

以上為我們對第二季業績的簡報內容，並期待在下季提供最新進展。謝謝。

Thank you all for participating. You may now disconnect.

感謝各位參與。您現在可以掛線。