Icahn Enterprises (IEP) Registration Filing summary

Company overview and business model

• Operates as a diversified holding company with interests in Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion, and Pharma segments.

• Structured as a master limited partnership, with a 99% limited partner interest in its main operating subsidiary and a 1% general partner interest held by an entity controlled by Carl Icahn.

• Depositary units representing limited partner interests are listed on Nasdaq under the symbol IEP.

• Majority ownership and control are held by Carl Icahn and affiliates, who own approximately 86% of outstanding depositary units as of June 30, 2025.

• Subsidiaries operate in both public and private markets, with some segments recently restructured or exited, such as the Aftermarket Parts business in Automotive.

Financial performance and metrics

• Investment segment had interests in proprietary funds valued at approximately $2.5 billion as of June 30, 2025, down from $2.7 billion at year-end 2024.

• As of June 30, 2025, held significant equity stakes in subsidiaries: 70% of CVR Energy, 3% of CVR Partners, and 91% of Viskase.

• Financial statements and management’s assessment of internal controls are audited by Grant Thornton LLP.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general partnership purposes, including investments in operating subsidiaries and potential acquisitions.

• Management retains broad discretion over capital allocation, with no specific commitments to future acquisitions at this time.

• Proceeds from the at-the-market offering of depositary units may be used to fund acquisitions and general purposes.