[Management View]
Net asset value (NAV) increased by $252 million, driven by gains in CVI shares, partially offset by declines in automotive services. CVI share price rose by 38% from the first quarter, with additional share purchases totaling $32 million. The company emphasized attractive long-term investment opportunities in regulated utilities and digital gaming.

[Outlook]
No further planned refinery turnarounds through 2026, which may positively affect future cash flow stability. The pivotal VI-0106 pharma trial for PAH has been approved, with the first update expected in 12-18 months. The company plans to add 16 new greenfield automotive service sites by year-end.

[Financial Performance]
Investment funds returned approximately -0.5%; excluding refining hedges, the return would have been a positive 2%. Energy segment EBITDA was negative $24 million, impacted by RINs mark-to-market and lower throughput. Automotive service revenue grew 1% in both May and June, forecasted to accelerate in July. Liquidity stood at $1.1 billion in cash and cash equivalents at the holding company, with $700 million held at the funds.

[Q&A Highlights]
Question 1: With respect to the decrease in the cash balance, was most of that attributable to the increase in the CVR shares? Or can you help reconcile the change from last quarter?
Answer: The big drivers of the decrease are interest payments for four of the six tranches paid in the quarter and two of the LP distributions paid. The CVR repurchase also contributed, amounting to about $32 million in the quarter.

[Sentiment Analysis]
The tone of the management was optimistic, focusing on strategic investments and future growth opportunities. Analysts' questions were primarily clarifying financial details, indicating a need for better understanding of cash flow changes.

[Quarterly Comparison]
| Metric | Q2 2025 | Q2 2024 |
|-------------------------------|---------------|---------------|
| NAV Increase | $252 million | N/A |
| CVI Share Price Increase | 38% | N/A |
| Investment Funds Return | -0.5% | N/A |
| Energy Segment EBITDA | -$24 million | $103 million |
| Automotive Service Revenue | +1% (May, June)| -5% (Q1 2025) |
| Liquidity (Holding Company) | $1.1 billion | N/A |
| Liquidity (Funds) | $700 million | N/A |

[Risks and Concerns]
The company faces potential regulatory or legal developments related to an outstanding $548 million RINs liability, dependent on changes in government policy. The automotive service segment is still in a turnaround phase, with higher labor costs and operating expenses impacting profitability.

[Final Takeaway]
Icahn Enterprises reported a significant increase in NAV driven by gains in CVI shares, with strategic investments in regulated utilities and digital gaming. The company is optimistic about future cash flow stability with no planned refinery turnarounds through 2026. However, regulatory uncertainties and the ongoing turnaround in the automotive service segment pose potential risks. Investors should monitor the progress of the VI-0106 pharma trial and the company's ability to capitalize on its liquidity for future opportunities.