Icahn Enterprises L.P.

First quarter 2026 net loss attributable to Icahn Enterprises was $459 million, or a loss of $0.71 per unit. Adjusted EBITDA loss attributable to IEP was $216 million, compared with a loss of $228 million in the prior-year quarter. Consolidated results included $425 million of losses on refining hedges in the Investment segment and $158 million of unrealized derivative losses in Energy. NAV increased by $201 million versus year-end, driven mainly by a $605 million increase in the CVI long position, partly offset by $320 million of refining hedge losses. Looking ahead, management did not give full-company revenue or EPS guidance, but said CVI may enable future debt reduction and capital returns, the funds had about $782 million of cash at quarter end, and the company declared an unchanged $0.50 per depositary unit distribution.

Andrew Teno used his remarks to thank the team and Carl Icahn, and said the company had spent the past few years high-grading the Investment Fund portfolio and improving controlled operations. He said he was leaving Icahn Enterprises with a “significant war chest” to pursue opportunities, signaling confidence in the company’s positioning. Ted Papapostolou, who then took over the CEO role, said he intends to build on the firm’s disciplined capital allocation and long-term culture with Carl and the Board.

Robert Flint said the company’s Q1 results were pressured by $425 million of refining hedge losses and $158 million of unrealized derivative losses in Energy. He noted the Investment Funds returned 4.4% excluding refining hedges and had $2.2 billion invested in the funds at quarter end, while the net short notional exposure was 29% including hedges. He also highlighted liquidity of $2.8 billion at the holding company and $1.3 billion of cash and revolver availability at subsidiaries. In the operating businesses, he pointed to 97% crude utilization in Energy, 2% same-store sales growth in Automotive, and improving results in Real Estate, while also flagging weaker Food Packaging, Home Fashion, and Pharma performance.

There was no analyst Q&A segment because no questions were queued. The main open points came from management’s prepared remarks: the impact of refining hedge losses, the degree of portfolio positioning in the funds, and the outlook for several holdings. Management also emphasized that Caesars is expected to generate significant cash flow in 2026 and that Echostar still has potential upside, including from a possible SpaceX IPO catalyst.