Financial Analysis

19. Commitments and Contingencies Environmental Matters Due to the nature of our business, certain of our subsidiaries operations are subject to numerous existing and proposed laws and governmental regulations designed to protect human health and safety and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $3 million as of December 31, 2025 and 2024, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. Energy CVR Energys obligated-party subsidiaries, Coffeyville Resources Refining & Marketing, LLC (CRRM) and Wynnewood Refining Company, LLC (WRC), are subject to the Renewable Fuel Standard (RFS) of the Clean Air Act implemented by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending, in an amount equal to the renewable volume obligation (RVO) for the applicable compliance year. CVR Energys obligated-party subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived or exempted by the EPA, must either purchase RINs on the open market from third parties in …

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13. Debt Debt consists of the following: December 31, 2025 2024 (in millions) Holding Company: 6.250% senior notes due 2026 240 719 5.250% senior notes due 2027 1,383 1,384 4.375% senior notes due 2029 657 656 9.750% senior notes due 2029 699 698 10.000% senior notes due 2029 988 495 9.000% senior notes due 2030 697 747 4,664 4,699 Reporting Segments: Energy 1,765 1,919 Automotive 21 31 Food Packaging 142 144 Real Estate 1 1 Home Fashion 23 15 1,952 2,110 Total Debt $ 6,616 $ 6,809 Holding Company Our Holding Company debt consists of various issues of fixed-rate senior notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (together the Issuers) and guaranteed by Icahn Enterprises Holdings (the Guarantor). Interest on each tranche of the senior unsecured notes is payable semi-annually. In August 2025, we, together with Icahn Enterprises Finance Corp., issued an additional $500 million in aggregate principal amount of our existing 10.000% senior secured notes due 2029. The net proceeds from the issuance, together with cash on hand, were used to partially redeem $500 million of the outstanding 6.250% senior secured notes due 2026 on September 5, 2025. The redemption included $21 million of notes held in treasury, resulting in a net debt extinguishment of $479 million. On February 26, 2026, we expect to use cash on hand to fully redeem the remaining outstanding 6.250% senior secured notes due 2026. See Note 22, Subsequent Events. During the year ended December 31, …

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6. Fair Value Measurements U.S. GAAP requires enhanced disclosures about assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of, and the characteristics specific to, the assets and liabilities. Assets and liabilities with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 assets and liabilities are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the assets and …

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11. Goodwill and Intangible Assets, Net Goodwill consists of the following: December 31, 2025 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 22 $ 13 $ 378 Foreign Exchange 2 2 Gross carrying amount, Dec 31 337 6 24 13 380 Accumulated impairment, Jan 1 (87) (3) (90) Impairment Accumulated impairment, Dec 31 (87) (3) (90) Net carrying value, Dec 31 $ 250 $ 6 $ 21 $ 13 $ 290 December 31, 2024 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 22 $ 13 $ 378 Foreign exchange Gross carrying amount, Dec 31 337 6 22 13 378 Accumulated impairment, Jan 1 (87) (3) (90) Impairment Accumulated impairment, Dec 31 (87) (3) (90) Net carrying value, Dec 31 $ 250 $ 6 $ 19 $ 13 $ 288 Intangible assets, net consists of the following: December 31, 2025 December 31, 2024 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Value Amount Amortization Value (in millions) Definite-lived intangible assets: Customer relationships $ 392 $ (271) $ 121 $ 392 $ (249) $ 143 Developed technology 254 (146) 108 254 (118) 136 Other 162 (115) 47 164 (110) 54 $ 808 $ (532) $ 276 $ 810 $ (477) $ 333 Indefinite-lived intangible assets $ 73 $ 76 Intangible assets, net $ 349 $ 409 Amortization expense associated with definite-lived intangible assets for the years ended December 31, 2025, 2024 and 2023 was $58 million, $57 million and $58 millio …

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16. Income Taxes Effective January 1, 2025, we adopted ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Taxes Disclosures prospectively. The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: Icahn Enterprises December 31, 2025 2024 (in millions) Book basis of net assets $ 1,950 $ 2,449 Book/tax basis difference (706) (366) Tax basis of net assets $ 1,244 $ 2,083 Income (loss) from continuing operations before income tax benefit (expense) is as follows: Year Ended December 31, 2025 2024 2023 (in millions) Domestic $ (337) $ (570) $ (943) International (8) 3 21 $ (345) $ (567) $ (922) Income tax benefit (expense) attributable to continuing operations using the updated requirements of ASU 2023-09 for 2025 is as follows: December 31, 2025 (in millions) Current: Domestic Federal $ 1 Domestic State (3) International (2) Total current (4) Deferred: Domestic Federal Domestic State 15 International 8 Total deferred 23 $ 19 Income tax benefit (expense) attributable to continuing operations prior to the adoption of the guidance in ASU 2023-09 is as follows: December 31, 2024 2023 Current: Domestic $ (20) $ (130) International 9 (8) Total current (11) (138) Deferred: Domestic 43 41 International (7) 7 Total deferred 36 48 $ 25 $ (90) The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Companys effective tax rate for the year ended December 31, 2025 in accordance with …

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12. Leases All Segments and Holding Company We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing). Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are included in other assets and other liabilities, respectively, on the consolidated balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less. Right-of-use assets and lease liabilities are as follows: December 31, 2025 2024 (in millions) Operating Leases: Right-of-use assets (other assets) $ 476 $ 527 Lease liabilities (accrued expenses and other liabilities) 484 530 Financing Leases: Right-of-use assets (property, plant and equipment, net) 79 72 Lease liabilities (debt) 88 83 Additional information with respect to our operating leases as of December 31, 2025 and 2024 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their res …

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Adoption of New Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. Effective January 1, 2025, we adopted ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Taxes Disclosures on a prospective basis. The adoption did not have a material impact on the Companys consolidated financial statements; however, it resulted in expanded income tax disclosures. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Companys annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on ou …

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20. Pension and Other Post-Retirement Benefit Plans Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below. Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees. Components of net periodic benefit cost (credit) are as follows: U.S. and Non-U.S. Pension Benefits Year Ended December 31, 2025 2024 2023 (in millions) Interest cost $ 6 $ 6 $ 6 Expected return on plan assets (5) (5) (5) Amortization of actuarial losses 0 $ 1 $ 1 $ 1 The following table provides disclosures for Viskases benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. U.S. and Non-U.S. Pension Benefits 2025 2024 (in millions) Change in benef …

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4. Related Party Transactions Our third amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds As of December 31, 2025 and 2024, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us and Brett Icahn) was $908 million and approximately $1.5 billion, respectively, representing approximately 25% and 35% of the Investment Funds assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $508 million and $250 million from the Investment Funds for the years ended December 31, 2025 and 2024, respectively. In addition, the Investment Funds issued a pro-rata distribution in cash of $650 million, including $256 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn) and $394 million to the Holding Company during the year ended December 31, 2024. We pay for expenses pertaining to the operation, administration and investment ac …

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15. Segment and Geographic Reporting We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Companys Chief Operating Decision Maker (CODM) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment opera …

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22. Subsequent Events Icahn Enterprises 6.250% Senior Notes due 2026 Redemption On January 27, 2026, the trustee sent on our behalf a notice of full redemption to holders of our outstanding 6.250% Senior Notes due 2026 (the 2026 Notes), with the redemption scheduled for February 26, 2026. The redemption price will be equal to 100.000% of the principal amount of the remaining 2026 Notes, plus accrued and unpaid interest thereon to, but not including, the redemption date. Upon the redemption of the 2026 Notes, none of the 2026 Notes will remain outstanding. We expect to use cash on hand to pay the redemption price for the 2026 Notes. CVR Energy, Inc. Purchases In February of 2026, we acquired additional shares of common stock of CVR Energy, Inc. in open market purchases, including 783,404 additional shares purchased in February that settled as of February 25, 2026. LP Unit Distribution On February 23, 2026, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about April 15, 2026 to depositary unitholders of record at the close of business on March 9, 2026. Depositary unitholders will have until April 3, 2026 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholde …

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