Icahn Enterprises, Q3 2026 Earnings Call Transcript

Icahn Enterprises’ net asset value rose by $865 million in Q3, mainly due to a higher valuation of its CVI investment, while losses on refining hedges partly offset the gain. CVI’s planned $4.2 billion acquisition of two refineries and a marketing platform is viewed by management as highly accretive and attractively priced; in the current favorable refining environment, the assets are expected to generate substantial cash flow over the next 12 months and beyond. IEP has committed a $500 million backstop, which management does not expect to be needed after CVI’s announced equity offering. The investment funds returned negative 31.3% including refining hedges, while the energy segment’s adjusted EBITDA rose to $404 million amid strong refining results. IEP reported a quarterly net loss of $225 million and expects to address its May 2027 senior notes in the coming months, citing significant liquidity flexibility. The board maintained the distribution at $0.50 per unit.