Icahn Enterprises Q4 net income $1M vs loss $98M; Adj EBITDA $281M vs $16M; NAV down $654M on CVI drop

ICAHN ENTERPRISES L.P.

Q4 2025 net income $1M ($0/unit) vs net loss $98M ($0.19/unit loss) in Q4 2024.
Q4 2025 Adjusted EBITDA $281M vs $16M in Q4 2024.
Full year 2025 revenues $9.7B, net loss $299M ($0.52/unit loss) vs 2024 revenues $10.0B, net loss $445M ($0.94/unit loss).
Declared quarterly distribution $0.50/unit, payable April 15, 2026 to record March 9, 2026.
Indicative NAV $3.2B at Dec 31, 2025, down $654M from Sep 30, 2025 driven by $778M decrease in CVI long position.

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